Christopher Delgado, the former CEO of Goliath Ventures, has pleaded guilty to a $400 million U.S. cryptocurrency Ponzi scheme.
Delgado pled guilty to fraud and money laundering charges stemming from a bogus crypto investment scheme.
He faces up to 30 years in prison and is scheduled to be sentenced on Oct. 8 of this year.
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Goliath Ventures solicited investors from 2023 to the start of 2026 with promises of monthly payouts it claimed came from crypto liquidity pools.
Delgado admitted in his plea agreement that the monthly income offer was not real and that his actions led to at least $250 million U.S. in investor losses.
Additionally, investor money was used to pay earlier investors, fund withdrawals, and cover luxury spending, making Goliath Ventures a Ponzi scheme.
Delgado bought at least six residential properties, Lamborghinis, Rolls-Royces, Rolex watches, Louis Vuitton bags, and jewelry with investor funds.
He agreed to forfeit eight properties, 11 vehicles, 30 watches, more than 50 luxury bags, and about 30 pieces of jewelry as part of the agreement.
Prosecutors said Goliath had raised at least $328 million U.S. and promised crypto investors guaranteed monthly returns of 3% to 8%.
Goliath Ventures has since filed for Chapter 11 bankruptcy.
Investors in Goliath’s scheme have filed a lawsuit against bank JPMorgan Chase (NYSE: $JPM), alleging that it processed $253 million U.S. in Goliath-linked deposits and ignored red flags.