Investors have filed a proposed class action against JPMorgan in the US District Court for the Northern District of California, alleging the bank enabled a $328 million cryptocurrency Ponzi scheme run by the now-defunct Goliath Ventures.

The lawsuit claims JPMorgan ignored suspicious transactions and allowed Goliath to use its banking infrastructure to collect investor funds, Cointelegraph reported.

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According to the complaint: “Chase, by virtue of its Know Your Customer procedures, 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.”

Goliath Crypto Scheme Routed Through Banks

From January 2023 through May or June 2025, JPMorgan served as Goliath’s sole banking institution. Roughly $253 million of investor funds—about two-thirds of the total raised—was deposited into JPMorgan’s 0305 account, with around $123 million subsequently transferred to Goliath-controlled wallets at Coinbase.

Goliath also held business accounts at Bank of America, where CEO Christopher Delgado was a co-signatory, and investor funds were occasionally routed there as well.

Goliath CEO Arrested, Investors File Lawsuit

A separate criminal complaint from the US Attorney’s Office for the Middle District of Florida states that Delgado, who previously ran Goliath under the name Gen-Z Venture Firm, was arrested earlier. Prosecutors said the scheme operated from January 2023 through January 2026. Delgado faces up to 30 years in federal prison if convicted.

The class action was filed by Shaw Lewenz, Sonn Law Group, and Schwartzbaum. The first plaintiff, Robby Alan Steele, said he invested $650,000, including retirement funds. Jordan Shaw of Shaw Lewenz said additional complaints are expected as the team continues identifying victims.

Crypto Fraud Concerns Persist

The JPMorgan case highlights concern over cryptocurrency fraud in the United States. A recent survey by verification firm Sumsub found that roughly one in three Americans have experienced or know someone affected by crypto-related scams.

Common schemes include Ponzi structures, social engineering, phishing Phishing Phishing is a form of cyber-attack in which fake websites, emails, and text messages are used to elicit personal data. The most common targets in this assault are passwords, private cryptocurrency keys, and credit card details.Phishers disguise themselves as reputable businesses and other types of entities. In certain instances, reputable government organizations or authorities are impersonated in order to collect this data.Because phishing relies on psychological manipulation rather than techno Phishing is a form of cyber-attack in which fake websites, emails, and text messages are used to elicit personal data. The most common targets in this assault are passwords, private cryptocurrency keys, and credit card details.Phishers disguise themselves as reputable businesses and other types of entities. In certain instances, reputable government organizations or authorities are impersonated in order to collect this data.Because phishing relies on psychological manipulation rather than techno Read this Term, impersonation, and wallet exploitation. Synthetic identity and deepfake-related fraud have also risen sharply.

Trust in crypto platforms remains lower than traditional financial services, and most respondents support stronger regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term to improve consumer protection.