Overview
- The CFTC filed a complaint on Aug. 11 saying Goliath Ventures and CEO Christopher Delgado took at least $397 million from about 1,600 customers and ran the funds as a Ponzi scheme.
- The SEC filed a parallel civil action the same day that alleges the company raised about $425 million from more than 1,300 investors and seeks disgorgement and other investor remedies.
- Delgado pleaded guilty on June 30 to conspiracy to commit wire fraud, wire fraud and money laundering and faces sentencing on Oct. 21 as prosecutors pursue forfeiture of properties and luxury goods.
- Regulators say Goliath promised to place crypto into liquidity pools and pay guaranteed monthly returns up to 3–5% but instead misappropriated funds, paid fictitious profits and issued false account statements.
- Government filings give a rough breakdown of losses and uses of proceeds, list large transfers to employees and earlier customers, and warn that final restitution for investors will depend on what assets investigators can recover.