SEC and CFTC Take Down Goliath Ventures Crypto Ponzi Scheme

US regulators have taken action against Goliath Ventures and its CEO, Christopher Delgado. The Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) filed parallel complaints against the company.

The SEC alleges that Goliath raised at least $425 million from over 1,300 investors by promising monthly profit distributions of 3% to 10%. Instead of investing the funds, Delgado allegedly misappropriated at least $51 million for personal expenses, including luxury vehicles and a yacht.

The CFTC complaint cites roughly 1,600 customers and at least $397 million in losses. The regulator seeks restitution, disgorgement, civil penalties, and permanent trading and registration bans against Delgado.