- The SEC and CFTC filed separate civil lawsuits against Goliath Ventures and founder Christopher Delgado over an alleged crypto Ponzi scheme that raised approximately $400 million.
- Goliath raised at least $425 million from over 1,300 investors by promising 3-10% monthly returns from crypto liquidity pools, but the SEC alleges none of the funds were ever invested.
- Delgado diverted at least $51 million for personal use and used new investor money to pay earlier investors in a classic Ponzi structure that collapsed in November 2025.
- Delgado agreed to a bifurcated settlement with the SEC and previously pleaded guilty to federal fraud charges, admitting to at least $250 million in investor losses.
The US Securities and Exchange Commission and Commodity Futures Trading Commission filed separate civil lawsuits against Goliath Ventures and founder Christopher Delgado over an alleged crypto Ponzi scheme that raised approximately $400 million from thousands of investors. The SEC said Goliath raised at least $425 million from more than 1,300 investors through an unregistered securities offering, promising monthly returns of 3% to 10% from fees paid by traders using its liquidity pools.
However, the agency alleged none of the funds or crypto assets were ever invested, and Delgado diverted at least $51 million for personal use. The company instead used money from new and existing investors to pay earlier investors while fabricating account balances and performance metrics, according to the SEC. By November 2025, Goliath could no longer raise money quickly enough to meet its obligations, stopped making monthly distributions and collapsed.
Meanwhile, the CFTC said approximately 1,600 customers contributed at least $397 million after Goliath solicited funds for crypto trading in Bitcoin and Ether. The agency is seeking restitution, disgorgement, civil penalties, trading and registration bans, and a permanent injunction. These civil actions add securities and commodities-law consequences to a criminal case that has already produced a guilty plea, allowing the agencies to seek investor compensation and market bans beyond the criminal consequences.
Delgado agreed to a bifurcated settlement with the SEC, subject to court approval, that would permanently bar him from violating securities-law provisions and from participating in securities transactions outside personal-account activity. The court will determine disgorgement, prejudgment interest and a civil penalty. Delgado previously pleaded guilty to conspiracy to commit wire fraud, wire fraud and money laundering, admitting to causing at least $250 million in investor losses. He also agreed to forfeit properties, vehicles, luxury goods, bank accounts and crypto wallets traceable to the scheme.
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