Goliath Ventures and CEO Christopher Delgado Accused of $397 Million Crypto Ponzi Scheme

The US Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) have filed parallel suits against Goliath Ventures and its CEO, Christopher Delgado, for allegedly operating a $397 million Bitcoin and Ether Ponzi scheme. The CFTC complaint alleges that around 1,600 customers contributed at least $397 million, but instead of investing in liquidity pools as promised, the funds were misappropriated by Delgado and Goliath.

The SEC's civil action against Delgado and Goliath claims they raised at least $425 million from over 1,300 investors through an unregistered securities offering. According to the complaint, investors were told their money would be placed in crypto liquidity pools, but none of the funds or assets were actually invested as described.

Delgado allegedly diverted at least $51 million for personal use, including homes, luxury cars, a yacht, and travel. The SEC alleges that Goliath promised monthly returns of 3% to 10% and guaranteed investors their principal, but instead issued false account statements reflecting nonexistent profits.