Florida Man Charged with $397 Million Crypto Ponzi Scheme
A Florida man has been charged by the Commodity Futures Trading Commission (CFTC) in connection with a $397 million crypto Ponzi scheme. Christopher Delgado and his company Goliath Ventures Inc. allegedly solicited funds from over 1,600 customers, claiming they would be invested in crypto liquidity pools.
However, according to the CFTC, the defendants used corporate credit cards to spend millions of dollars on personal expenses, including $21 million on luxury items such as world travel and high-end clothing. They also spent over $400,000 on pet grooming for Delgado's children.
The scheme was uncovered after Delgado pleaded guilty to wire fraud, conspiracy to commit wire fraud, and money laundering in June. He faces up to 20 years in prison for each fraud count and up to 10 years for the money laundering issue.