US SEC and CFTC Sue Goliath Ventures Over Alleged Approximately $400 Million Crypto Ponzi Scheme

TechFlow reports, on August 12, according to Cointelegraph, the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC) filed civil lawsuits against Goliath Ventures and its founder Christopher Delgado respectively, alleging they orchestrated a Ponzi scheme under the guise of crypto liquidity pools and Bitcoin, Ethereum trading, involving approximately $400 million.

The SEC stated that Goliath raised at least $425 million from over 1,300 investors through unregistered securities offerings, and misappropriated at least $51 million for personal expenses. The CFTC stated that approximately 1,600 customers invested at least $397 million in total. Christopher Delgado has agreed to settle the SEC case and previously pleaded guilty to conspiracy to commit wire fraud, wire fraud, and money laundering.