CFTC Sues Pastor for Running $6M Crypto Ponzi Scheme Targeting 1,500 Victims

The post CFTC Sues Pastor for Running $6M Crypto Ponzi Scheme Targeting 1,500 Victims appeared first on Coinpedia Fintech News

The CFTC has filed a lawsuit against Francier Obando Pinillo, accusing him of running a crypto Ponzi scheme that defrauded around 1,500 people, including church members, of $6 million. The pastor allegedly promoted the fraudulent scheme, claiming to operate a profitable crypto trading platform. Pinillo promised high monthly returns of up to 34.9%, offering staking services for various cryptocurrencies. However, the CFTC claims there was no real trading, and all assets were misappropriated. The regulator seeks restitution, a trading ban, and a permanent injunction.