SEC, CFTC Sued Goliath Ventures Over Alleged $400 Million Crypto Ponzi Scheme

The U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission have filed separate civil lawsuits against Goliath Ventures, a company accused of operating a crypto Ponzi scheme that bilked investors out of over $400 million.

Goliath Ventures and its founder, Christopher Delgado, allegedly raised at least $425 million from more than 1,300 people through an unregistered securities offering. The company promised monthly returns of 3 to 10 percent by investing in crypto liquidity pools, with principal guaranteed.

However, the SEC claims that no actual investments were made and instead, money was used to pay earlier investors. Account balances and performance metrics were allegedly manipulated to maintain the illusion of success. Delgado is also accused of diverting at least $51 million for personal use.