Christopher Delgado, an entrepreneur from Orange County, Orlando has been arrested for allegedly running a crypto ponzi scheme. As per the Depart of Justice (DoJ), Delgado has defrauded hundreds of investors and roped-in at least $328 million from his victims. Delgado now faces up to 30 years in prison.
The President and CEO of Goliath Ventures, Delgado has been accused of luring in victims to invest through him in high tech crypto liquidity pools, promising high returns on their investments. He conducted these operations from January 2023 to January 2026 as part of a classic ponzi scheme, the DoJ said in its official statement.
Delgado had managed to make Goliath’s inroads into luxury events and charitable sponsorship programmes to make its advertising more effective in the circle of crypto investors.
As per reports, Goliath represented itself as a blockchain and liquidity pools-focused financial service with headquarters in the U.S. as well as in Dubai, UAE.
U.S. and in Dubai, United Arab Emirates. It touted itself as a financial service with focuses on liquidity pools and blockchain infrastructure.
The funds acquired from the investors to be put in the crypto liquidity pools were instead used to pay promised returns to the earlier investors. Portions of the received investor funds were used by Delgona to purchase four residential properties and host extravagant networking events.
For now, the official website for Goliath Ventures seems unavailable. Its Instagram handle, however, is active with over 2,000 followers and six posts ft. Delgado.
The DoJ said Delgado was arrested after a criminal complaint charged him with wire fraud and money laundering.
“This case is under probe by the Internal Revenue Service Criminal Investigation and Homeland Security Investigations. If convicted on all counts, Delgado faces a maximum penalty of 30 years in federal prison,” the DoJ added.
The future schedule of the court hearings and probe remains unclear for now.