CFTC accuses Goliath Ventures of running $397 million crypto Ponzi scheme

How the alleged scheme was presented

The CFTC says Goliath marketed itself as a major provider of liquidity to DeFi pools and told customers the strategy could generate returns of 3% a month, or 36% annually. Joint Venture Agreements cited in the filing also promised return of principal and, in some cases, guaranteed monthly profits of as much as 5%.

The lawsuit, filed in federal court in Orlando, names Delgado as a controlling person responsible for Goliath’s conduct. The regulator also alleges he was never registered with the CFTC.

Where the money allegedly went

The complaint breaks down customer funds into several categories. About $87 million was allegedly used to pay other customers, a hallmark of a Ponzi structure. Another $174 million was transferred to Goliath directors and employees, often described as commissions tied to bringing in new customers.

The filing further alleges that Delgado personally took about $48 million and spent it on luxury homes, vehicles, and jewelry. It says another $21 million was charged to corporate credit cards, including more than $4.9 million for world travel, $2.9 million for luxury apparel and travel services, and over $400,000 for school tuition, soccer costs, tutoring for Delgado’s children, and pet grooming. Investigators also traced about $838,000 from customer deposits to the September 2025 purchase of a yacht.

Compliance claims and the collapse

The CFTC alleges Goliath tried to bolster confidence with its own compliance narrative. In January 2025, the company announced a partnership with a regulatory and compliance firm that was owned and controlled by Goliath’s head of compliance. That firm later issued letters and an August 2025 evaluation report stating that Goliath held at least 115% of partner funds and could satisfy all withdrawal requests.

After an investigative journalist began publicly describing Goliath as a Ponzi scheme in September 2025, the company’s lawyers sent a cease-and-desist letter threatening a defamation case and asserting that Goliath was a legitimate business. Goliath then sued the journalist for defamation on September 22, 2025. The CFTC says those statements were false.

Two months later, Goliath told customers that payouts would be delayed while a third-party forensic audit was pending. The complaint says no such audit was actually under way and that the company had simply run out of money needed to continue honoring withdrawals. On February 17, 2026, Delgado told directors that Goliath was ceasing all operations.

Parallel cases and what comes next

The civil action follows a separate criminal case. Federal prosecutors in the Middle District of Florida charged Delgado on February 20, 2026 with wire fraud and money laundering. In June, he pleaded guilty to conspiracy to commit wire fraud, wire fraud, and money laundering, admitting that he orchestrated the fraud and spent millions of dollars of customer money on himself.

A court-appointed receiver filed for Goliath’s bankruptcy in the Southern District of Florida on March 16, 2026, and the CFTC says that case remains ongoing as customer recoveries are pursued. The SEC filed its own civil action against Goliath and Delgado the same day.

In its complaint, the CFTC brings a fraud charge under the Commodity Exchange Act, arguing that bitcoin and ether are commodities. The agency is seeking restitution, disgorgement, civil monetary penalties, permanent trading and registration bans, and an injunction. Neither Goliath nor Delgado has publicly responded to the CFTC’s civil allegations.