WASHINGTON—The U.S. Commodity Futures Trading Commission filed a lawsuit on Tuesday against Goliath Ventures Inc. and its Chief Executive Officer, Christopher Delgado. The CFTC alleges the Florida company operated a crypto Ponzi scheme, collecting at least $397 million from approximately 1,600 customers.
The complaint, filed in the U.S. District Court for the Middle District of Florida, states Goliath promised to invest customer funds in crypto asset trading, including Bitcoin and Ether. Customers were allegedly told their original investments and profits were guaranteed, specifically through participation in crypto liquidity pools on decentralized exchanges.
The CFTC alleges the defendants misused all customer funds. A portion of the money was reportedly used to create the appearance of profits for earlier customers, consistent with a Ponzi scheme. Federal prosecutors previously alleged new investor funds paid returns to older investors.
The regulator also alleges Delgado used part of the customer funds to support his personal lifestyle. Customers received fraudulent account statements that displayed unrealized profits, which helped sustain the illusion of a legitimate trading operation.
CFTC Chairman Michael S. Selig said the agency remains committed to combating illicit activities in the crypto asset markets. "We will continue to aggressively police fraud, abuse, and manipulation in the crypto asset markets," Selig said.
The CFTC seeks several court orders against Delgado and Goliath Ventures. These include restitution for defrauded customers, the return of allegedly ill-gotten gains and civil financial penalties. The agency also requests trading and registration bans against the defendants, along with a permanent injunction preventing future violations of U.S. commodities laws and CFTC rules.
The CFTC action came the same day the Securities and Exchange Commission filed its own civil case against Delgado and Goliath. Both regulatory actions address the firm's alleged role in the fraud.
The new lawsuit is not the only federal action against Delgado. In June, he pleaded guilty to charges of conspiracy to commit wire fraud, wire fraud and money laundering in a separate criminal case. That case was brought by the U.S. Attorney’s Office for the Middle District of Florida, with sentencing scheduled for Oct. 8, 2026.
Prosecutors said the company, previously known as Gen-Z Venture Firm, operated from Jan. 2023 through Jan. 2026. The firm allegedly attracted investors with promises of monthly returns from cryptocurrency liquidity pools, using referrals, marketing materials, luxury events and charitable sponsorships.
The CFTC confirmed it collaborated with the U.S. Attorney’s Office and the SEC on this case.
