CFTC Accuses Goliath Ventures and CEO Christopher Delgado of $397 Million Bitcoin Ether Ponzi Scheme

The Commodity Futures Trading Commission filed a complaint in the U.S. District Court for the Middle District of Florida accusing Goliath Ventures Inc. and its CEO, Florida resident Christopher Delgado, of running a Ponzi scheme tied to crypto asset trading in bitcoin and ether.

“Roughly 1,600 customers contributed at least $397 million to the scheme”

Finance Magnates

The CFTC alleges that about 1,600 customers contributed at least $397 million, and that Delgado and Goliath misappropriated all customer funds rather than trading as promised.

BigGo Finance

The SEC also filed a civil action against Delgado and Goliath on August 11, alleging Goliath raised at least $425 million from more than 1,300 investors through an unregistered securities offering.

In the SEC’s account, investors were told their money would be placed in crypto liquidity pools, but the complaint says none of the funds or crypto assets were invested as described and that Delgado diverted at least $51 million for personal use.

The SEC alleges Goliath promised monthly returns of 3% to 10% and guaranteed investors their principal, while also claiming the returns were generated from trading fees within crypto liquidity pools.

The regulator says none of the money was actually invested in any liquidity pools, and instead Delgado allegedly diverted at least $51 million for personal spending, including homes, luxury cars, a yacht, and travel.

Bitcoin News

The CFTC complaint similarly alleges that defendants falsely guaranteed the return of principal investments and/or profits and issued false account statements reflecting nonexistent profits.

In the DiarioBitcoin account of the parallel case, the CFTC alleges Delgado and Goliath Ventures diverted 397 million de dólares de más de 1.600 clientes hacia gastos personales de lujo, and it says Delgado se declaró culpable de fraude electrónico y lavado de dinero; enfrenta hasta 20 años de prisión.

The CFTC says it is seeking restitution for customers, disgorgement of ill-gotten gains, civil monetary penalties, trading and registration bans, and a permanent injunction against further violations of the Commodity Exchange Act and CFTC regulations.

“Delgado has agreed to settle the SEC’s civil case, while the CFTC is separately seeking restitution, penalties and market bans”

FX News Group

In the FX News Group account, Delgado agreed to a bifurcated settlement subject to court approval that would permanently bar him from violating the securities-law provisions cited in the SEC complaint.

That same account says Delgado would also be barred from participating in securities transactions except for certain transactions in his personal accounts and from acting as or associating with a broker or dealer.

The SEC and CFTC actions build on Delgado’s June guilty plea, and the DiarioBitcoin account says the scheme operated between at least 2021 and 2024 while capturing more than 1,600 clients with promises of profitable crypto investments.