Key Highlights
- CFTC sues Goliath Ventures over an alleged $397 million crypto Ponzi scheme involving about 1,600 customers.
- Customers were allegedly promised crypto trading returns, but the CFTC says their money was misused and fake profits were shown.
- CEO Christopher Delgado already pleaded guilty to federal fraud and money laundering charges, with sentencing set for Oct. 8, 2026.
The U.S. Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) has sued Goliath Ventures Inc. and its CEO Christopher Delgado over an alleged crypto Ponzi scheme that took at least $397 million from about 1,600 customers.
In a complaint filed on Tuesday in the U.S. District Court for the Middle District of Florida, the CFTC alleged that Goliath collected money from the public by promising to use it for crypto asset trading, including Bitcoin and Ether. Similarly, the SEC also filed a complaint, stating that, “The SEC’s complaint charges Goliath and Delgado with violating Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and Delgado with violating Section 15(a)(1) of the Exchange Act.”
Customers were also allegedly told that their original investments and profits were guaranteed. But according to the regulator, those promises did not match what happened to the money after customers handed it over.
Where the $397 million allegedly went
Instead, the CFTC alleges the defendants misused all customer funds. Some of the money was allegedly used to show profits to earlier customers even though those profits did not really exist. The agency also alleges that part of the money was used to support Delgado’s lavish lifestyle.
The CFTC says customers were given account statements that showed profits that were not real. This helped make the operation appear to be generating returns, while the agency alleges that the money was actually being moved around inside the scheme. In total, around 1,600 customers are alleged to have put at least $397 million into Goliath.
CFTC Chairman Michael S. Selig said the agency would continue to act against fraud in crypto markets. “We will continue to aggressively police fraud, abuse, and manipulation in the crypto asset markets,” Selig said.
The regulator is asking the court to order restitution for customers, the return of money allegedly gained through the scheme, and civil financial penalties. It is also seeking trading and registration bans against the defendants, along with a permanent order stopping further violations of U.S. commodities laws and CFTC rules.
Delgado had already pleaded guilty
The new lawsuit is not the first federal action against Delgado. In June, he pleaded guilty to conspiracy to commit wire fraud, wire fraud, and money laundering in a separate criminal case brought by the U.S. Attorney’s Office for the Middle District of Florida. His sentencing is scheduled for October 8, 2026.
Federal prosecutors said the company, previously known as Gen-Z Venture Firm, operated from January 2023 through January 2026. Investors were allegedly promised monthly returns from cryptocurrency “liquidity pools,” with referrals, marketing materials, luxury events and charitable sponsorships helping attract customers.
Prosecutors also alleged that new investor money was used to pay supposed returns to earlier investors. Money from newer investors is used to make payments that appear to be profits for earlier investors, instead of those returns coming from a real business or investment.
The CFTC action also comes on the same day the Securities and Exchange Commission filed a civil case against Delgado and Goliath over their roles in the fraud. The CFTC said it worked with the U.S. Attorney’s Office and the SEC on the case.
For Delgado, the legal proceedings now include the criminal case and the new civil actions. The CFTC said its complaint seeks to recover money for customers and prevent further violations.
Updated on August 12, 2026 at 05:26 UTC to add the SEC comment and announcement.
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