The U.S. Commodity Futures Trading Commission (CFTC) has filed a civil lawsuit against Florida-based cryptocurrency trading firm Goliath Ventures Inc. and its chief executive, Christopher Delgado, alleging the operation of a Ponzi scheme that collected at least $397 million from approximately 1,600 customers.

The complaint was filed in the U.S. District Court for the Middle District of Florida. According to the CFTC, Delgado and his company solicited funds from the public for crypto asset trading—primarily in Bitcoin and other cryptocurrencies—before misappropriating the entirety of the deposits.

.@CFTC Charges Goliath Ventures Inc. and CEO with $400 Million Fraud Scheme: — CFTC (@CFTC) August 11, 2026

Rather than executing trades as promised, the defendants allegedly redirected incoming deposits to pay fictitious profits to earlier investors and to finance what the complaint describes as Delgado's lavish personal lifestyle. The CFTC further contends that the defendants guaranteed customers the return of their principal, their profits, or both, and issued fabricated account statements reflecting gains that did not exist.

Delgado has already acknowledged criminal responsibility in a parallel proceeding. In June 2026, he pleaded guilty to federal charges tied to the same fraud in a case brought by the U.S. Attorney's Office for the Middle District of Florida.

The U.S. Securities and Exchange Commission (SEC) filed its own civil enforcement action against Delgado and Goliath Ventures on the same day as the CFTC complaint. The dual filings reflect the overlapping jurisdiction that both agencies assert over digital asset markets, with the CFTC treating Bitcoin and other cryptocurrencies as commodities under the Commodity Exchange Act while the SEC pursues allegations involving securities fraud.

CFTC Chairman Michael S. Selig characterized the enforcement action as part of the agency's broader approach to digital asset markets, stating that the commission will continue policing fraud and manipulation while it works to develop clearer regulatory frameworks that allow legitimate businesses to operate domestically. David I. Miller, the agency's director of enforcement, described the division as remaining an important "cop on the beat" for digital commodity fraud. The case is one of several large-scale crypto fraud actions the CFTC has brought in recent years, part of a broader regulatory crackdown on Ponzi-style schemes that have proliferated alongside the growth of retail cryptocurrency investing.

The CFTC is pursuing restitution for affected customers, disgorgement of ill-gotten gains, civil monetary penalties, trading and registration bans, and a permanent injunction against further violations of the Commodity Exchange Act and the agency's regulations.

The allegations in the civil complaint remain unproven. Counsel for Delgado and Goliath Ventures was not identified in the CFTC's announcement. The agency routinely notes that restitution orders in cases of this nature are frequently difficult to collect, as wrongdoers may not retain sufficient assets to repay the amounts victims lost.

Source: CFTC Press Release