ORLANDO, Fla. — For the first time, victims who lost money in an alleged Central Florida Ponzi scheme heard details in federal bankruptcy court about efforts underway to recover their investments.
During a virtual hearing Thursday, the Receiver court outlined an approved plan aimed at tracing and recovering assets tied to Goliath Ventures, a cryptocurrency investment operation federal investigators say defrauded investors out of as much as half a billion dollars.
Channel 9 was not permitted to record the virtual proceedings. However, testimony and court documents confirmed what 9 Investigates reported earlier this month — approximately 1,500 alleged victims in the United States and Canada may be tied to the case.
Federal investigators allege investors believed they were putting money into a cryptocurrency fund promising guaranteed monthly returns. Instead, prosecutors say the operation functioned as a massive fraud.
At the center of the recovery effort is a 21-page coordination agreement between the federal government and the court-appointed receiver overseeing Goliath Ventures.
The agreement establishes procedures to identify victims, trace money and assets — including cryptocurrency holdings — and recover as much money as possible while avoiding costly legal battles that could further reduce returns for victims.
Former federal prosecutor Andy Searle said the agreement reflects a strong effort to maximize recovery.
“I would say that they are motivated to try to make the victims whole,” Searle said.
During the hearing, the judge approved the receiver’s request to hire a forensic accountant to assist in tracing financial transactions and locating assets.
Searle said recovered funds could eventually be placed into a restitution fund controlled by the U.S. Department of Justice.
“And eventually that money will be put into a fund in Washington, D.C., that the Department of Justice controls,” Searle said. “And ultimately, the money can [try to] be used to make victims whole through restitution.”
Court officials said nearly 600 investor claims have already been filed, totaling about $200 million in alleged losses.
That figure represents less than half of the estimated victims federal investigators believe may have been affected.
The coordination agreement emphasizes that cooperation among the government, receiver, and other parties is essential to preserving money for victims and creditors.
According to the filing, “the absence of coordination among the various parties in these cases will diminish the recovery of the victims and creditors of this fraud.”
The receiver also told the judge that about $366,000 has been recovered so far — a very small fraction of the money allegedly lost.
The funds reportedly came from recovered donations involving entities including Wealth MD, the Florida Hospital Foundation and the Orlando Economic Partnership, which authorities said received contributions connected to Goliath Ventures.
The recovery process remains in its early stages as investigators continue searching for additional money and assets tied to the alleged scheme.
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