Two United States market regulators, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), have simultaneously filed civil lawsuits against Goliath Ventures and its founder, Christopher Delgado. Although filed separately, both lawsuits center on one main fact: Delgado ran a crypto Ponzi scheme that swallowed up to $400 million in customer funds.
Data from both agencies shows how far Goliath went to ensnare its victims. According to SEC documents, the company raised at least $425 million from more than 1,300 investors through unregistered securities offerings. The CFTC’s investigation found similar results, with approximately 1,600 customers depositing at least $397 million. These customers initially joined with the intention of trading Bitcoin and Ether.
To attract such large inflows of capital, Delgado crafted promises that were hard to resist. Investors were promised monthly returns ranging from 3% to 10%. These returns were claimed to come from liquidity pool fee revenues, complete with guarantees that their initial capital would not be lost. However, not a single cent of customer money was actually invested in the crypto market.
Customer Funds Flowed to Property and Luxury Goods
Instead of investing customer capital, Delgado used money from new investors to pay returns to existing investors - a pure Ponzi scheme practice. Furthermore, at least $51 million flowed directly to fund Delgado’s personal lifestyle. These fraudulent funds were used to purchase luxury goods, pay off property, and buy various expensive vehicles.
The game finally reached its limit and collapsed in November 2025. Goliath could no longer attract fresh money fast enough to cover the mounting payment obligations to the older group of investors, causing the entire scheme to fall apart.
What are the Claims Against Delgado?
Before these two civil lawsuits were filed, Delgado was already entangled in criminal proceedings. He has pleaded guilty to charges of conspiracy to commit wire fraud and money laundering. According to the US Department of Justice (DOJ), the total losses suffered by investors in this case reached at least $250 million.
In the legal proceedings with the SEC, Delgado has agreed to accept a permanent bar from all securities markets, though this agreement is still pending court approval. Meanwhile, the CFTC has filed a list of tougher demands. They are asking the court to order restitution for victims, disgorgement of all illegal profits, civil penalties, and a permanent trading ban.
For the thousands of customers who were initially assured that their capital was safe, this series of long legal proceedings by regulators is now the only remaining path to see their money again.
Reported from Cointelegraph.
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
