SEC and CFTC Hit Goliath Ventures With Parallel Crypto Fraud Complaints
Two US financial regulators sued Goliath Ventures and its CEO, Christopher Delgado, this week, two months after he pleaded guilty to charges in the same crypto Ponzi scheme.
The Securities and Exchange Commission (SEC) noted that the multi-year operation raised at least $425 million from more than 1,300 investors.
Inside the Alleged Goliath Ventures Scheme
Goliath pitched investors on partnering to fund crypto asset liquidity pools, which it claimed to manage. The company promised monthly profit distributions of 3% to 10%, according to the SEC.
The regulator alleges that the accused invested none of the money and instead paid earlier investors with funds from newer ones.
The SEC said that Delgado misappropriated at least $51 million for personal spending. This included purchasing residential properties, luxury vehicles, and a yacht, as well as travel.
According to the complaint, the firm also hired sales agents on commission and issued fake account statements and investment performance metrics. The move was meant to show investors that they were earning profits.
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