Goliath Ventures and CEO face lawsuits over $400M crypto Ponzi scheme

The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have filed separate civil lawsuits against Goliath Ventures and its founder, Christopher Delgado, alleging a massive cryptocurrency Ponzi scheme.

Regulators claim the firm raised between $397 million and $425 million from approximately 1,300 to 1,600 investors by promising monthly returns of 3% to 10% through purported crypto liquidity pools involving Bitcoin and Ether. However, the SEC alleges that none of the funds were actually invested. Instead, the scheme allegedly used new investor money to pay fictitious profits to earlier participants and to fund Delgado’s personal lifestyle, including luxury vehicles, real estate, and travel.

Delgado has already pleaded guilty to federal criminal charges, including conspiracy to commit wire fraud and money laundering, admitting to causing at least $250 million in investor losses. The civil actions seek restitution, disgorgement of ill-gotten gains, civil penalties, and permanent bans from trading and securities activities. Delgado’s criminal sentencing is scheduled for October 21.