Securities Regulation Daily Wrap Up, ENFORCEMENT—M.D. Fla.: SEC, CFTC file charges following guilty plea of Goliath Ventures CEO in $425M Ponzi scheme, (Aug 12, 2026)

By Kristin J. Angelino, J.D.

Both agencies alleged that, in addition to making Ponzi-like payments with investor funds, the Goliath CEO misappropriated millions of dollars to fund his luxury lifestyle.

The SEC and CFTC filed civil complaints against Goliath Ventures Inc. and its founder and CEO, Christopher A. Delgado, alleging defendants’ participation in a multi-million-dollar Ponzi scheme involving thousands of investors in purported crypto asset liquidity pools managed by Goliath. The civil complaints followed Delgado’s guilty plea on June 30 for conspiracy to commit wire fraud, wire fraud, and money laundering in a parallel criminal action (SEC v. Goliath Ventures Inc., No. 6:26-cv-01741 (M.D. Fla. Aug. 11, 2026); (CFTC v. Goliath Ventures Inc., No. 6:26-cv-01737 (M.D. Fla. Aug. 11, 2026)).

Delgado agreed to a bifurcated settlement of the SEC action in which he consented to permanent and conduct-based injunctions, disgorgement with prejudgment interest, and a civil penalty. The SEC is still seeking permanent injunctions and disgorgement, with prejudgment interest, against Goliath. The CFTC is seeking restitution, disgorgement, civil monetary penalties, trading and registration bans, and a permanent injunction against further violations of the Commodity Exchange Act and CFTC regulations from both defendants.

SEC allegations. According to the SEC’s complaint, from at least January 2023 through January 2026, defendants operated a Ponzi-like fraud scheme, in which they raised at least $425 million from over 1300 investors by conducting an unregistered securities offering in which investors would “partner” with Goliath to invest in purported crypto asset liquidity pools managed by Goliath.

As alleged, the defendants promised investors monthly profit distributions of 3 percent to 10 percent--that were to be generated from the fees buyers and sellers paid to trade the crypto assets within those liquidity pools--and defendants guaranteed the return of investors’ principal. In reality, defendants did not invest any investor funds for crypto assets into any crypto asset liquidity pool.

Instead, the SEC alleged, Delgado misappropriated at least $51 million of investor funds for personal use, which included the purchase of homes, luxury vehicles, a yacht, and travel. Defendants also used money and crypto assets from new and existing investors to pay promised returns to earlier investors.

As part of the scheme, the complaint alleged that defendants hired sales agents to recruit additional investors and compensated those agents with commissions drawn from investor funds. Defendants also fabricated account balance and investment performance metrics to make it appear that investors were earning profits and that their assets were invested in crypto asset liquidity pools. The scheme collapsed by November 2025 when Goliath could no longer raise new investor money quickly enough to repay existing investors and it was forced to halt monthly distributions.

The SEC's complaint charged Goliath and Delgado with violating Sections 5(a), 5(c), and 17(a) of the Securities Act and Section 10(b) of the Exchange Act, and Rule 10b-5 thereunder; and it charged Delgado with violating Section 15(a)(1) of the Exchange Act.

CFTC allegations. The CFTC’s complaint against Goliath and Delgado covered much of the same ground as the SEC’s complaint, although it alleged that the scheme took place over a longer period of time and with a larger number of investors.

According to the complaint, from at least November 3, 2022 through at least February 17, 2026, Delgado and Goliath engaged in a Ponzi-like fraud scheme by fraudulently soliciting and accepting at least $397 million in investor funds from approximately 1,611 investors and falsely representing that Goliath would place those funds in crypto assets liquidity pools and decentralized exchanges where the funds were to be used to facilitate trading crypto assets, including Bitcoin and Ether.

Instead, the complaint alleged, defendants used contributions from new customers to pay purported profits to existing customers, return initial contributions to other customers, pay commissions to Goliath personnel who solicited new customers, and to fund defendant Delgado's lavish lifestyle.

The complaint further alleged that defendants falsely guaranteed the return of principal investments and profits and went to great lengths to portray their business as legitimate and successful, including by issuing fabricated account statements reflecting nonexistent profits.

The CFTC charged defendants with violating Section 6(c)(1) of the Commodity Exchange Act and Commission Regulation 180.1(a)(1)-(3).

Plea agreement in criminal action. In the plea agreement in Delgado’s criminal case, he admitted to causing a minimum of $250 million in losses to investors. He also agreed to forfeit numerous real properties, vehicles, watches, luxury bags and wallets, and at least 29 pieces of high-end jewelry which were purchased with or traceable to the proceeds from his scheme. He also agreed to forfeit several bank and cryptocurrency accounts which were seized by the United States. He faces a maximum penalty of 20 years in federal prison for each fraud count and up to 10 years in prison for the money laundering count.

The case is Nos. 6:26-cv-01741 (SEC) and 6:26-cv-01737 (CFTC).

Attorneys: Alice K. Sum for the SEC.

Companies: Goliath Ventures Inc.

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