SEC, 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 separate civil lawsuits against Goliath Ventures and its founder, Christopher Delgado. The allegations surround a crypto Ponzi scheme that raised approximately $400 million from over 1,300 investors.

Goliath promised monthly returns of 3% to 10%, claiming the funds would be placed in crypto liquidity pools. However, the SEC alleges none of the money was actually invested and Delgado diverted at least $51 million for personal use.

The CFTC also claims Goliath solicited over $397 million from approximately 1,600 customers for Bitcoin and Ether trading. The agency is seeking restitution, disgorgement, civil penalties, trading bans, and registration restrictions.