SEC, CFTC Sue Goliath Ventures and Its Founder Over $400 Million Crypto Ponzi Scheme

Odaily News: The U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC) have separately filed civil lawsuits against Goliath Ventures and its founder, Christopher Delgado, alleging the operation of a crypto Ponzi scheme involving approximately $400 million. The SEC stated that the company raised at least $425 million from over 1,300 investors through unregistered securities offerings.

The SEC said Goliath Ventures promised to invest funds into crypto liquidity pools and offered monthly returns of 3% to 10%, but did not actually invest any funds or crypto assets. Christopher Delgado allegedly misappropriated at least $51 million for personal expenses. The CFTC stated that approximately 1,600 customers contributed at least $397 million for Bitcoin and Ethereum trading.

Christopher Delgado has agreed to settle the SEC case, with specific terms still pending court approval. The CFTC is seeking restitution, disgorgement, civil penalties, and permanent injunctions. Previously, he pleaded guilty to conspiracy to commit wire fraud, wire fraud, and money laundering, and admitted to causing investor losses of at least $250 million. (Cointelegraph)