The victims of an alleged cryptocurrency investment fraud are suing JPMorgan, Bank of America and Coinbase, alleging the firms should have spotted evidence of an ongoing Ponzi scheme.
Last week, Dave and Brigitte Emery, along with Kamran Soleimani, filed a class action suit on behalf of the alleged victims of Christopher Delgado
The lawsuit comes months after federal authorities arrested Delgado in Florida, charging him with wire fraud and money laundering in a $328 million scheme run through his firm, Goliath Ventures. In the complaint, the Emerys and Soleimani also sued the law firm Alston & Bird, alleging that the attorneys prepared documents arguing that Goliath Ventures’ business model didn’t fall under securities regulations, even though they should have known better. According to the Justice Department charges, Delgado ran a Ponzi scheme from January 2023 through January 2026 by soliciting victims to invest money in so-called “crypto liquidity pools.” According to the complaint, Goliath claimed it would place investors’ funds in the pools, with promised monthly returns of 3% to 8% for investors generated through fees.
Despite raising about $328 million, the plaintiffs alleged that only about $1.5 million was invested as promised. Instead, Delgado used the money for “extravagant business gatherings, Christmas parties and luxury travel accommodations,” as well as purchasing four residential properties each valued between $1.15 million and $8.5 million, according to the DOJ. Delgado also allegedly used new funds to pay fake returns to existing investors.