SEC, CFTC sue Goliath Ventures in $400M crypto Ponzi

The SEC and CFTC filed separate civil complaints against Goliath Ventures and its founder, Christopher Delgado, alleging the firm ran a crypto Ponzi that raised roughly $400 million by soliciting funds for trading and liquidity pools and then used investor money to pay earlier participants and for personal spending.

The SEC’s complaint alleges Goliath raised at least $425 million from more than 1,300 investors through an unregistered securities offering. Investors were told their principal was guaranteed and they would receive monthly returns of 3% to 10% funded by fees from the company’s crypto liquidity pools. The filing claims the firm did not deploy funds into the pools, fabricated account balances and performance figures, paid commissions to sales agents and used new investor funds to pay earlier investors. By November 2025, Goliath stopped making monthly distributions and was unable to raise enough money to meet obligations.

The CFTC’s complaint says about 1,600 customers contributed at least $397 million after Goliath solicited funds for crypto trading in Bitcoin and Ether. The agency is seeking restitution for customers, disgorgement of ill-gotten gains, civil penalties, bans on trading and registration, and a permanent injunction against further violations of commodities laws.

In a separate criminal case, Delgado pleaded guilty to conspiracy to commit wire fraud, wire fraud and money laundering. The Department of Justice reported at least $400 million was paid to Goliath and that Delgado admitted causing at least $250 million in investor losses. Prosecutors obtained agreements to forfeit properties, vehicles, luxury goods, bank accounts and crypto wallets that investigators say are traceable to the scheme.

Delgado agreed to a bifurcated settlement with the SEC, subject to court approval, that would permanently bar him from violating the securities-law provisions charged and prohibit him from participating in securities transactions beyond personal-account activity or associating with a broker or dealer. A court will determine any disgorgement, prejudgment interest and civil penalties.

The civil actions follow the criminal plea and seek investor compensation and market bans that are not available through criminal sentencing. Court proceedings on the civil claims and the calculation of financial remedies are pending.