The U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC) have filed separate civil lawsuits against Goliath Ventures and its founder, Christopher Delgado, over an alleged cryptocurrency-based Ponzi scheme that raised approximately $400 million.
The SEC stated that Goliath raised at least $425 million from over 1,300 investors through an unregistered securities offering. Investors were promised that their money would be placed into crypto asset liquidity pools. However, the agency alleges that the company did not invest the funds or crypto assets, and that Delgado misappropriated at least $51 million for personal use.
In a separate lawsuit, the CFTC reported that about 1,600 clients deposited at least $397 million after Goliath began soliciting funds to trade Bitcoin and Ether. The agency is seeking restitution, disgorgement of ill-gotten gains, civil penalties, a ban on Delgado from trading and registration, and a permanent injunction.
The lawsuits add civil securities and commodities law claims to a criminal case. In that case, the accused has already pleaded guilty, and the agencies can now pursue investor compensation, fines, and market participation bans beyond the consequences provided for in Delgado's plea agreement.
Delgado Agrees to Settle SEC Case
The SEC stated that Goliath promised monthly returns of 3% to 10%. The company claimed it paid this from fees charged to traders using the liquidity pools and guaranteed investors the safety of their principal. According to the complaint, instead, the company used funds and crypto assets from new and existing investors to pay previous ones, and falsified account balances and performance metrics.
The SEC reported that Goliath paid commissions to sales agents who recruited investors. According to the agency, by November 2025, the company could no longer raise funds quickly enough to meet its obligations, halted monthly payments, and collapsed.
Related: "I Let Them Down": Goliath Ventures CEO Charged in Crypto Ponzi Scheme Apologizes
Delgado has agreed to a two-part settlement, pending court approval. It will permanently bar him from violating the securities law provisions cited in the complaint. He will also be prohibited from participating in securities transactions, except for personal account operations, and from associating with a broker or dealer. The court will determine the amount of disgorgement, prejudgment interest, and a civil penalty.
Delgado previously pleaded guilty to conspiracy to commit wire fraud, wire fraud, and money laundering. On June 30, the U.S. Department of Justice reported that Goliath had paid out at least $400 million, and Delgado admitted to causing at least $250 million in losses to investors. He also agreed to forfeit real estate, vehicles, luxury items, bank accounts, and crypto wallets linked to the scheme.
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