The U.S. Commodity Futures Trading Commission filed a civil complaint against Goliath Ventures Inc. and its CEO Christopher Delgado, alleging a Ponzi scheme that took in at least $397 million from about 1,600 customers. The agency says the defendants misappropriated customer funds, using them for fictitious payouts to earlier investors and to fund Delgado's lavish lifestyle.
Guaranteed returns and phantom profits
According to the CFTC, Goliath and Delgado promised customers the return of principal, profits, or both, and sent account statements showing gains that never existed. The complaint alleges the money was never invested as promised. Instead, it went to earlier investors in classic Ponzi fashion, with a chunk diverted to Delgado's personal spending.
The scheme ran for an unspecified period, and the CFTC is seeking restitution, disgorgement of ill-gotten gains, civil monetary penalties, trading and registration bans, and a permanent injunction against the defendants.
Parallel criminal and SEC cases
Delgado already pleaded guilty in June to federal charges in a criminal case brought by the U.S. Attorney's Office for the Middle District of Florida. That case runs alongside the CFTC's civil action. On the same day the CFTC filed its complaint, the Securities and Exchange Commission also filed its own civil action against Delgado and Goliath.
The CFTC's complaint does not name a lawyer for Delgado or Goliath, and the allegations in the civil case remain unproven. The criminal case is separate, and Delgado's guilty plea there does not automatically resolve the civil claims.
What the CFTC wants
Beyond financial penalties, the CFTC is asking the court to permanently bar Delgado and Goliath from trading and from registering with the agency. The agency also wants a permanent injunction to stop any further violations.
CFTC Chairman Michael S. Selig framed the case as part of the agency's broader posture toward digital asset markets, pledging to police fraud while developing clearer rules. He did not comment specifically on the Goliath case beyond that general stance.
The civil complaint is pending in federal court. No hearing date has been set, and the defendants have not yet filed a response.
