SEC, CFTC sue Goliath Ventures over $400M crypto Ponzi scheme

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 ...