The target audience and victims were the church congregation. Trading also took place through social networks. The priest promised a return of 34.9% without investment risk, but in fact transferred money to his and his accomplices’ accounts, deceiving potential and already defrauded victims with fake balances and returns.
Pinillo also encouraged his victims to share the scam with others, offering to “fix technical issues” for more money or swap their positions with another investor. The total amount of the scam was $5.9 million and more than a thousand victims were affected.
If convicted, Pinillo faces serious punishment; approximately 20 years in prison.
Source: Ferra
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