SEC, CFTC sue Goliath Ventures and its founder for $400 million crypto Ponzi scheme

Comparatively, the US Securities and Exchange Commission (SEC) and the US Commodity Futures Trading Commission (CFTC) have each filed a civil lawsuit against Goliath Ventures and its founder Christopher Delgado, accusing them of an alleged crypto Ponzi scheme with an operating scale of around $400 million. The SEC said the company raised at least $425 million from more than 1,300 investors through unregistered securities offerings.

According to the SEC, Goliath Ventures promised to invest money into crypto liquidity pools and provide monthly returns of 3% to 10%, but did not invest any funds or crypto assets, and Christopher Delgado misappropriated at least $51 million for personal consumption. According to the CFTC, around 1,600 customers have invested at least $397 million in Bitcoin and Ethereum transactions. Christopher Delgado has agreed to settle the SEC case, with specific terms pending court approval; the CFTC is seeking the return of funds, recovery of funds, civil penalties, and a permanent injunction. Previously, he had pleaded guilty to telecom fraud conspiracy, telecom fraud, and money laundering charges, and admitted causing investors at least $250 million in losses.