SEC and CFTC sue Goliath Ventures over alleged crypto Ponzi scheme
The US agencies filed separate civil actions over a cryptocurrency investment scheme.
US.- The US Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have filed separate civil lawsuits against Goliath Ventures and founder Christopher Delgado over an alleged crypto Ponzi scheme. Delgado has agreed to settle the SEC case, while the CFTC is seeking restitution, penalties and market bans.
The SEC alleges Goliath raised at least $425m from more than 1,300 investors through an unregistered securities offering. It says investors were told their money would be placed in cryptocurrency liquidity pools and that they would gain monthly returns of 3 to 10 per cent while guaranteeing their principal. The complaint alleges the company instead used money and crypto assets from new and existing investors to pay earlier investors and fabricated account balances and performance figures. It alleges that Delgado diverted at least $51m for personal use.
By November 2025, the company could no longer raise funds quickly enough to meet its obligations, stopped making monthly distributions and collapsed.
Delgado pleaded guilty on June 30 to conspiracy to commit wire fraud, wire fraud and money laundering and agreed to forfeit properties, vehicles, luxury goods, bank accounts and crypto accounts. Delgado has agreed to a bifurcated settlement with the SEC, subject to court approval. He would be permanently barred from violating the securities-law provisions cited in the complaint and from participating in securities transactions, except for certain transactions in his personal accounts, as well as from acting as or associating with a broker or dealer.
In June, Delgado pleaded guilty to federal criminal charges in a related criminal case brought by the US Attorney’s Office for the Middle District of Florida.
