Orlando Crypto Con Artist's Empire Implodes Amid Fresh Lawsuits
Convicted Orlando fraudster Christopher Delgado is facing new lawsuits from the US Securities and Exchange Commission (SEC) and the US Commodity Futures Trading Commission (CFTC) over his alleged $425 million cryptocurrency Ponzi scheme. The suits allege that Delgado, who pleaded guilty to fraud charges in June, stole nearly $200 million more than initially admitted and used investor funds for personal expenses, including buying a yacht worth $2.9 million.
The new lawsuits claim that Delgado spent $51 million on personal use, including real estate, luxury vehicles, jewelry, and entertainment. The suits also allege that he used stolen funds to maintain the appearance of Goliath Ventures as a legitimate business by hosting lavish events for investors and donating to charitable organizations.
The CFTC lawsuit further alleges that Delgado spent over $400,000 on school tuition, soccer expenses, and pet grooming for his children. The total number of victims identified by federal prosecutors is now 1,500 in the US and 10 other countries.