Key facts
- The CFTC alleges Goliath Ventures and CEO Christopher Delgado operated a Ponzi scheme.
- Approximately 1,600 customers were defrauded of at least $397 million.
- The CFTC claims funds were misappropriated for fake profits and personal luxuries.
- Christopher Delgado has pleaded guilty to federal charges in a separate case.
- The SEC has also filed a civil action against Delgado and Goliath Ventures.
The Commodity Futures Trading Commission (CFTC) has filed a lawsuit against Florida-based crypto trading firm Goliath Ventures Inc. and its CEO, Christopher Delgado, accusing them of operating a Ponzi scheme that defrauded approximately 1,600 customers of at least $397 million. The complaint, lodged in the U.S. District Court for the Middle District of Florida, alleges that Delgado and his company solicited funds for cryptocurrency trading, primarily in Bitcoin, but instead misappropriated the money.
According to the CFTC, incoming customer funds were used to pay fictitious profits to earlier investors and to finance Delgado's personal expenses. The agency also stated that the defendants guaranteed customers returns and provided account statements showing non-existent gains. In a parallel development, Delgado has already admitted criminal responsibility, having pleaded guilty to federal charges related to the fraud in June.
The Securities and Exchange Commission (SEC) also initiated its own civil action against Delgado and Goliath Ventures on the same day the CFTC filed its complaint. CFTC Chairman Michael S. Selig emphasized the agency's commitment to policing fraud and manipulation in digital asset markets while working to establish clearer regulations. David I. Miller, the CFTC’s director of enforcement, highlighted the division's role in combating digital commodity fraud. The CFTC is seeking restitution for victims, disgorgement of ill-gotten gains, civil penalties, and permanent injunctions against further violations.