The CFTC sued Florida firm Goliath Ventures Inc. and CEO Christopher Delgado on Tuesday, alleging they ran a Ponzi scheme that raised at least $397 million from roughly 1,600 customers by promising to place their crypto in DeFi liquidity pools and never doing so. Delgado already pleaded guilty in June to related criminal fraud charges, and the SEC filed its own civil case the same day as the CFTC.
The Commodity Futures Trading Commission sued a Florida crypto firm and its chief executive on Tuesday, accusing them of running a Ponzi scheme that took in at least $397 million from roughly 1,600 customers. The complaint, filed in federal court in Orlando, names Goliath Ventures Inc. and its CEO, Christopher Delgado.
Goliath promised to place customer bitcoin and ether into decentralized exchange liquidity pools, pitching itself as a large liquidity provider earning monthly yield. But the agency says the firm never deployed a single dollar to one, running the scheme from at least November 2022 through February 2026 while sending customers account statements showing profits that did not exist.
Where the money actually went
The CFTC's complaint says Goliath used at least about $87 million of customer funds to pay other customers and transferred at least about $174 million to Goliath directors and staff, often as commissions for recruiting new customers. Delgado personally took at least about $48 million for luxury homes, vehicles and jewelry. Corporate credit cards absorbed another $21 million. Those cards covered over $4.9 million on world travel and $2.9 million on luxury apparel, jewelry and travel concierge services. Separately, about $838,000 traced from customer deposits bought a yacht in September 2025.
A denial, then a shutdown
Goliath also built its own cover story. In January 2025 it announced a partnership with a compliance firm that was owned and controlled by Goliath's own head of compliance. That firm's August 2025 report told customers Goliath held at least 115% of partner funds. When a journalist began calling the operation a Ponzi scheme, Goliath's attorneys sent a cease-and-desist letter denying the claim and insisting the company was legitimate, not a Ponzi scheme. Yet by February, the company had run out of money to pay customers seeking withdrawals. Delgado told the company's directors on Feb. 17, 2026, that Goliath was "ceasing all operations."
Federal prosecutors in the Middle District of Florida had already charged Delgado with wire fraud and money laundering, and in June he pleaded guilty to conspiracy to commit wire fraud, wire fraud and money laundering. He faces up to 20 years in prison for each fraud count and up to 10 years for the money laundering charge. The SEC filed its own civil action against Delgado and Goliath the same day as the CFTC. Separately, a receiver placed the company into bankruptcy in the Southern District of Florida in March, where customer recoveries are now being handled.
Source: CFTC
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