Delgado faces three lawsuits in the US, one criminal and two civil.

The U.S. Commodity Futures Trading Commission (CFTC) filed a lawsuit on Tuesday (11) against Christopher Delgado, CEO of Goliath Ventures, and his company.

Authorities accuse the executive of operating a cryptocurrency Ponzi scheme that moved US$400 million during his tenure, between 2023 and 2026.

Delgado was arrested in March of this year by the American government due to another criminal case related to the same matter. In addition to the CFTC, the SEC also filed a civil lawsuit against the executive.

The CFTC states that its goal is to eliminate illicit market practices.

During its operational period, Christopher Delgado allegedly raised approximately US$400 million through his Ponzi scheme via 1,600 clients.

The money, however, was not used for investments, but rather to finance the executive's lavish lifestyle. This included properties valued at millions of dollars, as well as numerous luxury cars, watches, jewelry, and other assets.

The CFTC's objective with the lawsuit is to compensate the victims of the scheme. In addition, it also aims to impose fines, trading bans, and registration restrictions against Delgado and his former company.

Mike Selig, chairman of the CFTC, comments that his agency's goal is to continue monitoring fraud, abuse, and manipulation in cryptocurrency markets.

"The CFTC will continue to combat abuses in the crypto-asset markets to ensure that malicious actors are punished, while we develop clear rules so that legitimate actors can build their businesses on American soil."

SEC is also prosecuting Delgado.

In the full text , the CFTC acknowledges that Christopher Delgado had already pleaded guilty in June in a criminal case brought by the U.S. Attorney's Office and that the SEC also filed a civil lawsuit against the executive and his company on Tuesday (11).

The SEC points out that Delgado promised monthly returns between 3% and 10%, as well as a guarantee of repayment of the invested capital.

“Delgado diverted at least US$51 million from investors' funds for personal use, including the purchase of real estate, luxury vehicles, a yacht, and travel. The defendants also allegedly used money and crypto assets from new and existing investors to pay promised returns to previous investors, following the logic of a Ponzi scheme.”