Key Points
• Investors have filed a class action lawsuit accusing JPMorgan of facilitating a $328 million crypto Ponzi scheme.
• The complaint alleges the bank ignored suspicious transactions linked to the now-defunct Goliath Ventures.
• A parallel federal criminal case targets Goliath founder Christopher Delgado, who faces potential prison time.
JPMorgan Accused in Major Crypto Fraud Lawsuit
JPMorgan Chase is facing a proposed class action lawsuit alleging that the bank helped facilitate transactions tied to a $328 million cryptocurrency Ponzi scheme.
The complaint was filed in the U.S. District Court for the Northern District of California by investors who claim the bank ignored warning signs connected to a company called Goliath Ventures.
According to the filing, the alleged scheme collected funds from thousands of investors while operating as an unlicensed crypto investment pool.
Lawsuit Claims Bank Failed to Act
The complaint argues that JPMorgan allowed Goliath Ventures to move large amounts of investor funds through its banking infrastructure despite apparent red flags.
Plaintiffs claim the bank’s “Know Your Customer” procedures should have detected that Goliath was operating as a cryptocurrency investment vehicle without proper regulatory authorization.
The lawsuit also highlights the contrast between the bank’s internal handling of the transactions and public statements from Jamie Dimon, who has repeatedly expressed skepticism toward Bitcoin and other digital assets.
Funds Allegedly Routed Through Bank Accounts
The lawsuit states that JPMorgan served as the primary banking partner for Goliath Ventures between January 2023 and mid-2025.
According to the complaint, approximately $253 million in investor funds were deposited into a JPMorgan account during that period.
From that total, roughly $123 million was later transferred into cryptocurrency wallets controlled by the firm on the exchange Coinbase.
Investigators say more than 2,000 investors may have contributed funds to the alleged scheme.
Criminal Charges Filed Against Founder
The lawsuit follows a criminal case brought by the U.S. Attorney’s Office for the Middle District of Florida.
Authorities arrested Goliath Ventures founder Christopher Delgado in February, accusing him of operating the fraudulent investment scheme between 2023 and 2026.
If convicted on all charges, Delgado could face a maximum sentence of 30 years in federal prison.
Additional Banking Links Under Investigation
Court documents indicate that Goliath Ventures also maintained accounts at Bank of America during the same period.
Prosecutors allege that investor funds were deposited into accounts at both financial institutions before being transferred into cryptocurrency wallets under Delgado’s control.
Authorities say Delgado was the sole signatory on the firm’s digital asset wallets, giving him full control over the funds once they were moved onto crypto platforms.
More Legal Action Expected
The class action complaint was filed by several law firms representing investors who claim to have lost significant sums in the alleged scheme.
One plaintiff, Robby Alan Steele, says he invested $650,000, including retirement savings.
Attorneys representing the victims say additional lawsuits may follow as investigators continue identifying individuals and institutions that may have been involved.
Their stated goal is to maximize recovery for victims while coordinating efforts with court-appointed receivers overseeing the case.
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