US Regulators Hit Goliath Ventures with Parallel Crypto Fraud Complaints
The US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have filed parallel complaints against Goliath Ventures, a crypto investment firm, and its CEO, Christopher Delgado.
The SEC alleges that the multi-year operation raised at least $425 million from over 1,300 investors through false promises of monthly profit distributions ranging from 3% to 10%.
According to the regulator, Goliath invested none of the money and instead paid earlier investors with funds from newer ones. Delgado is accused of misappropriating at least $51 million for personal spending, including luxury items like residential properties, vehicles, and a yacht.
The CFTC complaint cites roughly 1,600 customers and at least $397 million raised by the firm. The SEC charged both defendants under the Securities Act and the Exchange Act, while the CFTC seeks restitution, disgorgement, civil penalties, and permanent trading and registration bans.