JPMorgan Sued Over $328M Crypto Ponzi Scheme
The post JPMorgan Sued Over $328M Crypto Ponzi Scheme appeared on BitcoinEthereumNews.com.
JPMorgan is facing a lawsuit for allegedly enabling a $328 million crypto Ponzi scheme run by now-defunct Goliath Ventures. Investors on Tuesday filed a proposed class action in the US District Court for the Northern District of California, accusing JPMorgan of ignoring suspicious transactions and allowing Goliath to use its infrastructure to collect investor funds. A separate federal criminal complaint against Goliath CEO Christopher Delgado, however, says investor funds also flowed through a Bank of America account and directly into Coinbase wallets. Together, the filings sketch a broader picture of how money moved through the alleged scheme while testing how far a major bank can be held civilly liable for servicing a crypto-related business later accused of fraud. The California lawsuit states that despite JPMorgan CEO Jamie Dimon’s repeated criticism of Bitcoin (BTC), the bank allegedly failed to prevent crypto scammers from carrying out fraudulent wire transactions. “Chase, by virtue of its Know Your Customer actually knew that Goliath was acting as a ‘private equity’ cryptocurrency pool operator investing money for investors, without being licensed at all to sell these investments,” the complaint reads. Complaint focuses on JPMorgan account flows The US Attorney’s Office for the Middle District of Florida announced the arrest of Goliath CEO Christopher Delgado on Feb. 24. He faces a maximum penalty of 30 years in federal prison if convicted on all counts. Prosecutors said Goliath Ventures, formerly known as Gen-Z Venture Firm, operated the scheme from January 2023 through January 2026. The civil complaint says Chase was believed to be Goliath’s sole banking institution for a period from January 2023 to May or June 2025. But the separate federal criminal complaint says Goliath also held a Bank of America business account. “Goliath obtained at least $328 million from what are believed to be over 2,000…
Filed under: News - @ March 13, 2026 12:12 am