Regulators allege Goliath promised crypto liquidity-pool returns but instead paid earlier investors and funded its founder’s luxury spending.
The US Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) filed separate civil lawsuits on Tuesday 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 in the pools and Delgado diverted at least $51 million for personal use.&
In a separate action, the CFTC said about 1,600 customers contributed at least $397 million after Goliath solicited funds for crypto trading in Bitcoin and Ether.
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