A proposed class action accuses JPMorgan Chase of ignoring warning signs while servicing the accounts of Goliath Ventures, a crypto firm at the center of an alleged $328 million Ponzi scheme.

Plaintiff Robby Alan Steele filed the lawsuit last Wednesday in the U.S. District Court for the Northern District of California. According to Banking Dive's report, investors claim Chase enabled a scheme that is now under federal investigation.

Investors Challenge Chase Over $328M Crypto Ponzi Allegations

The investors allege Chase acted as Goliath's sole bank between January 2023 and June 2025. During that period, Goliath solicited investments by promising returns generated through crypto “liquidity pools,” offering 3% to 8% in monthly returns, the report said. At that pace, the promised returns would annualize to levels well above those available on conventional investments.

The Justice Department said Goliath CEO Christopher Alexander Delgado was not operating a legitimate business. Delgado faces money laundering and wire fraud charges and was arrested last month. Those criminal charges are separate from the investors' allegations against the bank.

Steele said he liquidated his retirement account to invest in Goliath. He alleged that the money vanished after he wired it into Goliath's Chase account. More than 2,000 individuals invested at least $328 million in the firm, according to the report.

Steele's complaint alleges that numerous warning signs made the fraudulent nature of the operation apparent to Chase. It accuses the bank of continuing to service accounts used to perpetrate the alleged fraud, and further alleges that JPMorgan earned substantial fees through Goliath's and Delgado's banking activities. The allegations come against a backdrop of standing obligations: under the Bank Secrecy Act, U.S. banks are required to maintain anti-money-laundering programs that include monitoring customer accounts for signs of suspicious activity. JPMorgan has faced similar claims before, agreeing in 2014 to pay more than $2 billion to resolve claims by U.S. authorities that it ignored red flags tied to Bernard Madoff's Ponzi scheme, which ran through accounts held at the bank.

Complaint Details Transfers and Purported Returns

The lawsuit alleges that roughly $123 million moved from Goliath's Chase account to Coinbase between January 2023 and June 2025. It also alleges that $50 million went to investors as purported returns.

Steele claims Chase knowingly permitted Goliath to commingle investors' money. According to the complaint, funds from later investors were used to pay earlier investors in what it describes as a classic Ponzi scheme.

The investors also cited JPMorgan CEO Jamie Dimon's public criticism of cryptocurrency. Dimon called crypto tokens “pet rocks” in 2023, while the bank partnered with Coinbase in 2025. The complaint argues that the bank's alleged conduct contradicted Dimon's criticism and alleges that Chase continued its relationship with Goliath after developing “actual knowledge” of the scheme.

Coinbase Responds to the Allegations

Coinbase is not named as a defendant in the lawsuit. A Coinbase spokesperson said the criminal matter referenced in the complaint also does not target the exchange. The spokesperson said Coinbase fully met its compliance obligations, and the exchange said it remains committed to working with banks and law enforcement to hold bad actors accountable.

A JPMorgan Chase spokesperson did not immediately respond to a request for comment. The $328 million crypto Ponzi allegations against Chase remain claims in the investors' lawsuit. As a proposed class action, the case must still clear class certification before it can move forward on behalf of the wider group of investors.

Related coverage examines the regulators' case against Delgado, the Key Coin Assets scheme, and the Hashpe cryptocurrency investigation. Goliath's alleged conduct is now the subject of both criminal charges and investors' civil claims.