SEC and CFTC Sue Goliath Ventures Over Alleged Crypto Ponzi Scheme

The US Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have filed separate civil lawsuits against Goliath Ventures, a cryptocurrency investment firm, over an alleged Ponzi scheme.

The SEC alleges that Goliath raised at least $425 million from more than 1,300 investors through an unregistered securities offering. Investors were promised monthly returns of 3 to 10% and guaranteed principal returns on their investments in cryptocurrency liquidity pools.

The complaint claims that the company instead used investor funds to pay earlier investors and fabricated account balances and performance figures. Goliath's founder, Christopher Delgado, allegedly diverted at least $51 million for personal use.