Goliath Ventures Faces SEC, CFTC Suits Over $400M Ponzi

The US Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) filed separate civil lawsuits against Goliath Ventures and founder Christopher Delgado over an alleged crypto Ponzi scheme that raised about $400 million. 

The SEC said Goliath raised at least $425 million from more than 1,300 investors through an unregistered securities offering. Investors were told their money would be placed in crypto liquidity pools, but the agency alleged none of the funds or crypto assets were invested and Delgado diverted at least $51 million for personal use. 

In a separate action, the CFTC said approximately 1,600 customers contributed at least $397 million after Goliath solicited funds for crypto trading in Bitcoin and Ether. The agency is seeking restitution, disgorgement, civil penalties, trading and registration bans, and a permanent injunction. 

The actions add securities and commodities-law consequences to a criminal case that has already produced a guilty plea, allowing the agencies to seek investor compensation, penalties and market bans beyond the consequences available through Delgado’s plea.

Delgado agrees to settle SEC case 

According to the SEC, Goliath promised monthly returns of 3% to 10%, generated from fees paid by traders using its liquidity pools, while guaranteeing investors’ principal. The complaint alleges the company instead used funds and crypto assets from new and existing investors to pay earlier investors and fabricated account balances and performance metrics. 

The SEC said Goliath paid commissions to sales agents who recruited investors. By November 2025, the company could no longer raise money quickly enough to meet obligations, stopped making monthly distributions and collapsed, according to the agency. 

Related: ‘I failed them’: Goliath Ventures CEO charged with crypto Ponzi apologizes

Delgado agreed to a bifurcated settlement, subject to court approval, that would permanently bar him from violating the securities-law provisions charged in the complaint. He would also be barred from participating in securities transactions outside personal-account activity and from associating with a broker or dealer. The court will determine disgorgement, prejudgment interest and a civil penalty. 

Delgado previously pleaded guilty to conspiracy to commit wire fraud, wire fraud and money laundering. On June 30, the US Department of Justice said at least $400 million was paid to Goliath and that Delgado admitted causing at least $250 million in investor losses. He also agreed to forfeit properties, vehicles, luxury goods, bank accounts and crypto wallets traceable to the scheme. 

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