SEC, CFTC Hit Goliath Ventures CEO With $400M Crypto Fraud Suits

The SEC and the CFTC filed separate civil enforcement actions Tuesday against Goliath Ventures and its operator Christopher Delgado, alleging a Ponzi scheme that took in roughly $400 million from more than 1,300 investors.

According to the SEC complaint, Goliath raised at least $425 million through unregistered securities offerings, promising to deploy capital into cryptocurrency liquidity pools. The regulator alleges none of that money ever reached the pools. Instead, new investor funds paid earlier participants and financed Delgado's personal spending.

The CFTC's parallel action, filed in federal court in Florida, says over 1,600 clients contributed at least $397 million after being told their money would support Bitcoin and Ether trading. The agency alleges Delgado diverted at least $48 million in client funds for himself, spending on boats, designer clothes, jewelry, and pet grooming.

Company credit cards charged at least $21 million in client money, including more than $4.9 million on international travel and $2.9 million on premium clothing and personal concierge services, the filings said. Another $400,000 went to private school tuition, youth sports programs, and tutoring for Delgado's children.

Goliath marketed guaranteed monthly returns of 3% to 10%, claiming they came from trading fees on its liquidity pool. The firm also promised principal protection. Sales representatives earned commissions for bringing in new investors, a structure that kept cash flowing in while earlier participants got paid from later deposits.