The SEC and CFTC have jointly sued Goliath Ventures over a $400 million crypto Ponzi scheme, and the firm’s founder has pleaded guilty and agreed to a settlement.

The U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) today filed separate civil lawsuits against Goliath Ventures and its founder Christopher Delgado, accusing them of operating a crypto Ponzi scheme through unregistered securities offerings. The firm raised at least $425 million from over 1,300 investors, promising to deploy funds into crypto liquidity pools for monthly returns of 3% to 10% while guaranteeing principal safety. In reality, no funds were actually invested; the company used new investors’ capital to pay early backers, fabricated account balances and performance metrics, and paid commissions to sales agents who recruited investors. Delgado personally embezzled at least $51 million for luxury spending. In its parallel lawsuit, the CFTC noted that roughly 1,600 customers were lured into trading bitcoin and ether, suffering combined losses of at least $397 million. In November 2025, the firm could no longer quickly raise enough funds to meet redemption obligations, and collapsed entirely after halting monthly distributions. Delgado had previously pleaded guilty to charges of conspiracy to commit wire fraud, wire fraud, and money laundering. The U.S. Department of Justice stated on June 30 that at least $400 million flowed into Goliath. Delgado admitted to causing at least $250 million in investor losses and agreed to forfeit real estate, vehicles, luxury goods, bank accounts, and crypto wallets traceable to the scheme. Delgado has agreed to a split settlement with the SEC, subject to court approval, which will permanently bar him from violating relevant securities laws, engaging in securities trading (except for personal accounts), and associating with broker-dealers. The court will separately rule on the disgorgement of illegal proceeds, pre-judgment interest, and civil penalties.