ORANGE COUNTY, Fla. — Federal investigators say $328 million was taken from investors in what they describe as a massive Ponzi scheme operated by Goliath Ventures. The company’s CEO, Chris Delgado, is now facing federal charges of wire fraud and money laundering. As the case moves through court, investors are scrambling to recover what they say they lost.
But there’s another layer to this unfolding case: the millions of dollars Goliath poured into charities and nonprofit organizations. Are charities on the hook for the money Goliath donated? The short answer is yes, charities could be.
If a court determines that money donated by Goliath Ventures came directly from fraudulent investor funds, victims could get that money back through clawback action in civil proceedings.
WFTV legal analyst Bill Sheaffer says even if the charity argues they received the donation in good faith or had no idea the company was a Ponzi scheme, the charity could still be required to return it because the money originally belonged to the defrauded investors.
Before Goliath took down its website, the company claimed it had donated more than $4 million to charitable and community efforts since 2019.
For at least two years, Goliath Ventures was the title sponsor for Runway to Hope, a nonprofit that supports children battling cancer.
Goliath pledged $2 million to Victoria’s Voice, a charity aimed at combating the opioid crisis and preventing overdose deaths. Victoria’s Voice say it received $250,000 and has set the money to the side while the investigation into Delgado is ongoing.
Goliath also donated to the Orlando Economic Partnership, a regional economic development not-for-profit.
The organization would not disclose the exact amount received but confirmed it was more than $200,000.
Orange County Commissioner Nicole Wilson is now calling for an audit into OEP.
The organization maintains that any money received from Goliath is completely separate from funds tied to its contract with Orange County.
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