Christopher Alexander Delgado, the former chief executive officer of Goliath Ventures, pleaded guilty in connection with a $400 million cryptocurrency investment fraud scheme.
Cointelegraph reported on July 30 that the U.S. Department of Justice announced Delgado's guilty plea in the case.
The Justice Department said Goliath Ventures raised $400 million from investors between January 2023 and January 2026 by promising monthly returns. Investigators found the funds were not used for investments, but instead to pay purported returns to earlier investors, cover event expenses and finance luxury spending.
Delgado pleaded guilty to charges including fraud and money laundering. He also admitted that investors suffered $250 million in losses from the scheme.
He faces a maximum sentence of 20 years in prison on the fraud charge and up to 10 years on the money-laundering charge. Sentencing is scheduled for Oct. 8.
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