TechFlow News, March 28: According to The Street, Goliath Ventures, a Florida-based cryptocurrency firm, has filed for Chapter 11 bankruptcy reorganization in the U.S. Bankruptcy Court for the Southern District of Florida. The company is allegedly linked to a $328 million Ponzi scheme affecting over 2,000 investors; Gregory Wilson reportedly lost approximately $8.74 million, while John Euliano lost around $1.28 million. Additionally, plaintiffs have already filed a class-action lawsuit against JPMorgan Chase earlier this month, accusing the bank of ignoring suspicious transactions involving Goliath Ventures.
Earlier reports indicated that Christopher Alexander Delgado, former CEO of Goliath Ventures, was arrested on suspicion of orchestrating the $328 million Ponzi scheme and faces charges of wire fraud and money laundering. Delgado allegedly lured victims by claiming to invest funds in cryptocurrency liquidity pools and promising monthly returns; however, the funds were instead used to pay returns to earlier investors, purchase luxury residences, and finance lavish activities.
