TLDR
- Investors allege JPMorgan enabled $328M crypto Ponzi scheme tied to Goliath Ventures.
- Lawsuit filed in Northern District of California on March 10–11, 2026.
- CEO Christopher Delgado arrested Feb. 24, 2026 on wire fraud charges.
- Over 2,000 investors promised monthly returns up to 8% from crypto trading.
A proposed class action lawsuit accuses JPMorgan Chase Bank of enabling a $328 million cryptocurrency Ponzi scheme. The case links the bank to transactions tied to Goliath Ventures, Inc.
The complaint was filed in the U.S. District Court for the Northern District of California around March 10–11, 2026. Plaintiff Robby Alan Steele and other investors seek to represent thousands who invested in the scheme.
The lawsuit states that JPMorgan provided banking services that allowed the operation to move large sums of investor funds. It claims the bank processed deposits, transfers, and crypto exchange payments tied to the operation.
Federal prosecutors have already charged Goliath Ventures CEO Christopher Alexander Delgado with fraud and money laundering. Authorities say the alleged scheme ran from January 2023 through January 2026.
Allegations against JPMorgan in the investor lawsuit
The lawsuit claims JPMorgan served as the main bank for Goliath Ventures during much of the alleged scheme. This period ran from January 2023 to about May or June 2025.
Plaintiffs state that hundreds of millions of dollars passed through accounts held at the bank. Court filings mention about $253 million deposited into specific accounts connected to the company.
Investors argue the bank processed transactions linked to crypto exchanges such as Coinbase. The complaint says these transfers helped maintain the appearance of legitimate trading.
The plaintiffs also claim funds were mixed together in company accounts. They say this allowed earlier investors to receive payments using deposits from new participants.
The lawsuit alleges the bank ignored warning signs tied to unusual transaction patterns. It states these patterns could conflict with normal cryptocurrency investment activity.
According to the filing, JPMorgan had anti-money laundering duties to monitor suspicious activity. Investors argue the bank failed to act despite those responsibilities.
Details of the alleged $328 million crypto investment scheme
Federal prosecutors say Goliath Ventures raised at least $328 million from more than 2,000 investors. The funds were collected across the United States between early 2023 and early 2026.
Investors were promised steady monthly profits from cryptocurrency trading. Marketing materials referenced arbitrage strategies and liquidity pool investments.
Some investors were told they could earn between three and eight percent monthly returns. In some cases, claims suggested annual yields of up to 48 percent.
Authorities say little of the collected money went into real crypto investments. Reports in the complaint say only about $1.5 million was placed in liquidity pools.
Prosecutors state that the business used new investor funds to pay earlier participants. This payment pattern matches the structure of a Ponzi scheme.
The lawsuit states that bank transfers and payment processing helped maintain these payout cycles. Investors claim this activity created the illusion of trading profits.
Arrest of CEO and asset freeze during the investigation
Federal authorities arrested Christopher Alexander Delgado on February 24, 2026. Delgado, 34, is from Apopka, Florida.
The U.S. Attorney’s Office for the Middle District of Florida announced the arrest. Delgado faces charges of wire fraud and money laundering.
If convicted, he could face a sentence of up to 30 years in prison. Authorities say the charges relate to false statements made to investors.
A federal judge also approved asset freezes tied to the investigation. The frozen assets include luxury homes, vehicles, and jewelry.
Delgado was released after posting a $1 million bond. Prosecutors continue to pursue forfeiture of assets linked to the alleged fraud.
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