Investors file Ponzi class against law firm, financiers

The plaintiffs filed the suit on behalf of the alleged victims of Christopher Delgado.

According to the U.S. Department of Justice, federal authorities arrested Delgado, of Apopka, Fla., on a criminal complaint charging him with wire fraud and money laundering.

Delgado, according to the criminal complaint, was the president and chief executive officer of Goliath Ventures, formerly known as Gen-Z Venture Firm.

Beginning in 2023 and ending in January, Delgado allegedly operated Goliath as a Ponzi scheme. A Ponzi scheme is a form of investment fraud that involves the payment of purported returns to existing investors from funds contributed by new investors.

“Delgado’s Ponzi scheme involved soliciting victims to invest substantial sums of money under false and fraudulent promises of monthly returns generated through cryptocurrency ‘liquidity pools,’” according to the DOJ.

“Victims were induced to give money to Goliath through personal referrals, professional marketing materials, luxury events, charitable sponsorships, and some monthly payments of purported returns, all of which were designed to establish Goliath’s bona fides with investors.”

Based on these false and fraudulent representations, Goliath obtained at least $328 million from victim investors, according to the DOJ.

“Although Goliath represented that it would place the victim investors’ funds in cryptocurrency liquidity pools, in reality, the funds were primarily used to pay purported returns to earlier investors, to return principal to investors who requested it, and for Goliath’s extravagant business gatherings, Christmas parties, and luxury travel accommodations,” according to the DOJ. “With victim investors’ funds, Delgado purchased several residential properties.”

In their proposed class action complaint, the Emerys and Soleimani contend Atlanta-based law firm Alston & Bird, Bank of America, JPMorgan Chase and Coinbase aided, abetted and enabled the “massive” Ponzi scheme.

“The Goliath Conspirators lured investors into the scheme using JVAs (joint venture agreements) drafted by, and a structure endorsed by, Alston & Bird. And the Goliath Conspirators used Goliath’s accounts at Bank of America, JPMorgan Chase, and Coinbase to operate a classic Ponzi scheme,” the 52-page complaint states.

“The Goliath Conspirators paid returns to investors using new investor money, raising as much as $328 million from at least 1,500 investors before the Department of Justice (DOJ) arrested the Chief Executive Officer of Goliath, Delgado, on February 24, 2026.”

The plaintiffs contend the defendants “knew of and substantially assisted” the Goliath conspirators’ scheme.

They claim Alston & Bird participated in the scheme by drafting a legal opinion letter, which Goliath used to justify its representation that the enterprise was not subject to the securities laws. However, the plaintiffs argue it was.

“Further, Alston & Bird drafted the JVAs by which investor funds were solicited, transferred, and stolen,” the complaint states. “Alston & Bird knew that investors lacked access to internal information and would rely upon the integrity and independence of legal counsel structuring the enterprise.

“Despite this, Alston & Bird facilitated a structure riddled with conflicts, opacity, and foreseeable risk, while permitting investor-facing reliance upon its legal work product.

They argue the firm’s misconduct was “integral” to the scheme to defraud investors such as themselves – and Bank of America, JPMorgan Chase, and Coinbase knew of the scheme.

“Bank of America, JPMorgan Chase, and Coinbase’s knowledge is bolstered by its ‘Know Your Customer’ inquiries into the Goliath Conspirators,” the complaint states. “From the time of opening the Goliath Conspirators’ accounts, Bank of America, JPMorgan Chase, and Coinbase knew that Goliath Conspirators were supposed to use investor monies to place into cryptocurrency liquidity pools, which would generate fees, which would be used to pay investor returns.

“Bank of America, JPMorgan Chase, and Coinbase monitored the Goliath Conspirators’ accounts and saw that very little money going in and out of the Goliath Conspirators’ accounts came from or went to cryptocurrency liquidity pools. Instead, Bank of America, JPMorgan Chase, and Coinbase saw investor funds commingled in the Goliath account, large sums being transferred from that account to repay other investors and misappropriated for purposes unrelated to the stated business model.”

The Emerys and Soleimani allege that despite this, Bank of America, JPMorgan Chase, and Coinbase “substantially assisted” the Goliath conspirators by allowing them to continue operating their accounts.

They seek an order certifying the proposed class and subclasses, an award of damages, pre- and post-judgment interest and attorney fees.

San Francisco law firm Girard Sharp LLP and Miami firm Levine Kellogg Lehman Schneider + Grossman LLP are representing the plaintiffs, and seek to be class counsel.