CFTC Sues Goliath Ventures for $397M Bitcoin Ponzi Scheme

The Commodity Futures Trading Commission (CFTC) has filed a lawsuit against Goliath Ventures Inc. and its CEO, Christopher Delgado, alleging they ran a Ponzi scheme that took in at least $397 million from about 1,600 customers.

According to the CFTC, Delgado and his company solicited money for crypto asset trading, primarily in Bitcoin, then misappropriated all of it. Instead of using customer funds for trading as promised, the agency alleges that the defendants used incoming money to pay fictitious profits to earlier investors and fund Delgado's lavish lifestyle.

The CFTC also says that Goliath Ventures guaranteed customers a return on their principal or profits, and sent out account statements showing gains that did not exist.

In June, Delgado pleaded guilty to federal charges tied to the fraud in a parallel case brought by the U.S. Attorney's Office for the Middle District of Florida.