Florida Man Charged Over $397 Million Crypto Ponzi Scheme
A Florida man is facing fresh charges from the Commodity Futures Trading Commission (CFTC) over a $397 million crypto Ponzi scheme.
The CFTC alleges that Christopher Delgado and his company, Goliath Ventures Inc., solicited and accepted funds from customers, but instead of putting them in crypto liquidity pools, they used the money for personal expenses.
The agency claims that Delgado misappropriated $48 million of customers' money for his own use, including a yacht, luxury clothes, and grooming for his pets.
The CFTC also states that corporate credit cards were used to spend at least $21 million on additional customer money, with over $4.9 million spent on world travel and $2.9 million on luxury apparel, jewelry, and travel concierge services.