ORLANDO, Fla. — Federal investigators say a Central Florida-based cryptocurrency investment operation collapsed after taking in hundreds of millions of dollars from investors, many of whom are now wondering whether they will ever recover their money.
Authorities allege Christopher Delgado and alleged co-conspirators operated a massive Ponzi scheme that collected at least $328 million from investors who were promised monthly returns ranging from 3% to 8%.
Delgado, the company’s former CEO and the only person currently facing a criminal complaint , spoke exclusively with Channel 9 anchor and investigative reporter Daralene Jones from inside his Isleworth mansion, where he is confined on electronic monitoring while awaiting trial.
Federal investigators have also subpoenaed others formerly affiliated with the company, according to sources.
Prosecutors allege investor money funded Delgado’s lavish lifestyle, including luxury cars, jewelry, designer clothing and multimillion-dollar homes.
Inside the mansion, Delgado pointed to high-end possessions, including what he described as one of two Louis Vuitton pool tables.
“What happened to the money ,” Jones asked Delgado during the interview.
Part 1: Accused Goliath Ventures CEO speaks out in alleged $300M crypto Ponzi scheme
“Their money was being used to make distributions,” Delgado said.
When asked who received the distributions, Delgado replied, “To either them or other [early] investors.”
Jones then asked what else the money was used for.
“We used it for corporate events. We used it for personal spend,” Delgado said.
Investigators say Goliath Ventures required a minimum investment of $100,000, with some investors contributing millions of dollars, including retirement and pension funds, some middle class and others very wealthy.
The Securities and Exchange Commission regulates investment funds and requires proper licensing for fund managers. In the interview, Delgado acknowledged he did not have a license to manage investments.
“We’ve always sought counsel and were told, you know, this is friends and family,” Delgado said.
Messages obtained by Channel 9 show concerns were raised internally as early as 2023 about SEC regulations and U.S. investment laws.
Delgado said some investor funds initially went into a cryptocurrency fund in Dubai but later became inaccessible.
“We had so much inflow coming in,” Delgado said. “And we knew once our product launched that we could right our wrong and no one would ever know.”
Jones responded, “The very definition of what you just described is a Ponzi scheme.”
Delgado disputed that characterization, saying he never intended to defraud investors.
“I didn’t build Goliath to be a Ponzi scheme,” he said. “I didn’t build Goliath to be a fraud.”
Delgado said the company was attempting to launch its own cryptocurrency product but there were repeated delays, though Goliath continued to accept new investors.
“We didn’t have any choice,” Delgado said.
Jones pushed back, telling him the company could have stopped taking investor money.
“The logical answer is let’s cut our losses, come out and tell our investors it’s done,” Delgado acknowledged. “It’s hard to do that in the moment.”
Federal authorities have frozen a long list of assets tied to the investigation, including luxury vehicles, jewelry and homes.
When asked what he could offer victims seeking restitution, Delgado said he has surrendered assets and disclosed international accounts to investigators.
“I came to take full responsibility for my actions,” Delgado said. “I notified the DOJ of my international account and surrendered those accounts willingly.”
Records reviewed by Channel 9 also show Goliath Ventures donated approximately $5.1 million to charities, schools and foundations. Some organizations that received donations have now received subpoenas as federal investigators continue tracing the money flow connected to the alleged scheme.
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