SEC and CFTC Sue Goliath Ventures Over Alleged $400M Crypto Ponzi Scheme

The US Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have filed lawsuits against Goliath Ventures and its founder, Christopher Delgado, over an alleged $400 million crypto Ponzi scheme.

The SEC alleges that Goliath raised at least $425 million from more than 1,300 investors through an unregistered securities offering, promising monthly returns of 3% to 10%. However, the agency claims none of the funds or crypto assets were invested and Delgado diverted at least $51 million for personal use.

The CFTC also filed a separate action against Goliath, alleging that approximately 1,600 customers contributed at least $397 million after the company solicited funds for trading in Bitcoin and Ether. The agency is seeking restitution, disgorgement, civil penalties, trading and registration bans, and a permanent injunction.

Delgado previously pleaded guilty to conspiracy to commit wire fraud, wire fraud, and money laundering. He agreed to a settlement with the SEC that would permanently bar him from violating securities-law provisions and participating in certain financial activities.