A Florida businessman has admitted to orchestrating a cryptocurrency fraud that drained hundreds of millions of dollars from investors.
The CEO of Orlando-based Goliath Ventures, formerly known as Gen-Z Venture Firm, has admitted to multiple federal charges including conspiracy to commit wire fraud, wire fraud, and money laundering, says the U.S. Department of Justice.
The scheme operated as a classic Ponzi, using new investor funds to pay earlier participants while siphoning money for personal use.
Federal prosecutors in Florida detailed how the operation targeted victims with false promises of crypto investment gains.
“Delgado provided fraudulent information to solicit investor funds and then spent his ill-gotten gains on his extravagant lifestyle…
As reflected in a companion civil asset forfeiture action, the United States has identified at least $400 million paid by investors to Goliath…
With victim investors’ funds, Delgado purchased at least six residential properties, each worth between $1.15 million and $8.5 million, and millions of dollars’ worth of high-end vehicles, watches, and jewelry, including Lamborghinis, Rolls Royces, Rolex watches, several dozen Louis Vuitton bags, wallets, luggage, and custom Tiffany jewelry.”
The FBI has released a questionnaire for potential victims and information on about victims’ rights upcoming hearings is available here.
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