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JPMorgan Chase sued for allegedly enabling $328 million crypto Ponzi scheme
The lawsuit argues that Chase ignored obvious warning signs and continued processing transactions that allowed the scheme to operate for years.
A California investor has filed a class action lawsuit against JPMorgan Chase Bank, accusing the nation’s largest bank of helping facilitate a large-scale crypto Ponzi scheme run by Goliath Ventures.
The complaint, filed this week in the US District Court for the Northern District of California, claims the scheme raised approximately $328 million from more than 2,000 investors, including plaintiff Robby Steele, who says he invested about $650,000, much of it from his retirement savings.
According to the lawsuit, Goliath CEO Christopher Delgado used Chase accounts to collect investor deposits and redistribute funds to earlier investors, a classic Ponzi structure.
Most investor funds flowed through a key Chase account, where approximately $253 million was deposited between 2023 and 2025. The complaint alleges that only minimal funds were actually used for crypto investments, while about $50 million was paid to earlier investors as supposed returns, and millions were diverted to Delgado or related entities.
The suit argues that Chase had access to transaction monitoring systems and was subject to anti-money-laundering rules that should have detected the activity. Instead, the bank allegedly continued servicing the accounts despite numerous red flags, allowing the scheme to operate for years.
The complaint seeks damages on behalf of a nationwide class of investors who allegedly lost money in the Goliath investment program.
Goliath Ventures launched in January 2023 as a Florida-based crypto firm originally branded Gen-Z Venture Firm, promoting investment opportunities tied to liquidity pools and Bitcoin mining.
The company advertised guaranteed 4% monthly returns and gained traction through early investor payouts and promotional activity.
However, concerns began to surface in September 2025 after investigative journalist Danny de Hek flagged questionable claims and payout structures resembling a Ponzi scheme.
The scheme unraveled in January 2026 as withdrawals stalled, and Delgado was arrested in February on federal charges connected to the alleged $328 million fraud.