SEC and CFTC Crack Down on Goliath Ventures Over Alleged $425M Crypto Scam

The U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have jointly taken action against Goliath Ventures, a cryptocurrency firm accused of running a $425 million Ponzi scheme.

Goliath allegedly swindled investors out of at least $397 million by promising them monthly returns between 3% and 10%, without any risk of losing their principal. However, the SEC claims that the company did not use investor assets as promised, instead using funds from new investors to pay off earlier ones.

The CFTC alleges that Goliath deceived its clients about how their funds were being used for cryptocurrency trading and produced fabricated records showing made-up profits. The agency is seeking refunds, repayments, monetary fines, and bans on trading and registration for the company and its founder, Christopher A. Delgado.