$328 million Ponzi scheme uncovered leading to Florida man arrest

A Florida man has been arrested on federal charges related to an alleged cryptocurrency “Ponzi scheme” that defrauded investors of at least $328 million. Christopher Alexander Delgado, a 34-year-old from Apopka, Florida, was taken into custody on wire fraud and money laundering charges. If convicted on all charges, Delgado could face up to 30 years in federal prison.

Delgado, who was the president and CEO of Goliath Ventures (formerly known as Gen-Z Venture Firm), allegedly carried out the Ponzi scheme from January 2023 through January 2026. A Ponzi scheme involves paying returns to existing investors using funds acquired from new investors.

The scheme involved Delgado soliciting victims to invest large sums of money under false promises of monthly returns generated by cryptocurrency “liquidity pools.” Victims were lured into investing through personal referrals, professional marketing materials, luxury events, charitable sponsorships, and monthly payments of purported returns.

While Goliath claimed to invest funds in cryptocurrency liquidity pools, prosecutors revealed that the money was mainly used to pay returns to earlier investors, return principal to investors who requested it, and cover extravagant business gatherings, holiday parties, and luxury travel expenses.

Delgado allegedly used funds from victims to purchase four residential properties, each valued between $1.15 million and $8.5 million. Victims identified by law enforcement will receive notices of their rights under the Crime Victims’ Rights Act.

Those who have not received a notice can contact the IRS through a dedicated email for Goliath victims or visit the Department of Justice’s webpage for information on self-identifying as victims. It is important to note that criminal complaints and charges are allegations until proven guilty.

The case is being investigated by the IRS Criminal Investigation and the Department of Homeland Security Investigations. This serves as a reminder to investors to always exercise caution and due diligence when investing in any opportunity, especially in the cryptocurrency space.