Regulators Slam Crypto Firm Goliath Ventures with $400M Lawsuits
Crypto investor Christopher Delgado and his company Goliath Ventures are facing dual lawsuits from federal regulators over a $400 million fraudulent scheme.
The operation, which collected funds from over 1,600 participants, promised to invest in cryptocurrency liquidity pools but instead redirected the money to satisfy earlier participant obligations and fund lavish personal expenditures by Delgado.
The SEC alleges that Goliath Ventures accumulated at least $425 million from over 1,300 participants through an offering of unregistered securities, while the CFTC claims that the company collected no less than $397 million from over 1,600 clients.
Delgado is facing potential imprisonment of up to 20 years for each fraud-related conviction and as many as 10 years for the money laundering charge.