JPMorgan Chase is facing a lawsuit accusing the bank of enabling a $328 million cryptocurrency Ponzi scheme allegedly operated by the now-defunct firm Goliath Ventures.
On Tuesday, investors filed a proposed class-action lawsuit in the US District Court for the Northern District of California, claiming that the bank ignored suspicious financial activity and allowed Goliath to use its banking infrastructure to collect funds from investors.
The complaint also points to the public criticism of Bitcoin by Jamie Dimon, CEO of JPMorgan Chase, arguing that despite his repeated warnings about cryptocurrency risks, the bank allegedly failed to stop fraudulent wire transfers linked to the scheme.
According to the filing, the bank’s Know Your Customer (KYC) procedures should have flagged the activity. The lawsuit claims JPMorgan was aware that Goliath Ventures was acting as a cryptocurrency investment pool operator without holding the required licenses to offer such investments.
Complaint centers on banking activity
Meanwhile, the US Attorney’s Office for the Middle District of Florida announced the arrest of Christopher Delgado, CEO of Goliath Ventures, on Feb. 24. Delgado faces up to 30 years in federal prison if convicted on all charges.
Prosecutors said the company — previously known as Gen-Z Venture Firm — allegedly ran the scheme from January 2023 through January 2026.
The lawsuit further claims that JPMorgan Chase served as the sole banking partner for Goliath Ventures from January 2023 until around May or June 2025. According to the complaint, the operation raised at least $328 million from more than 2,000 investors during that period.
The complaint also outlines fund transfers from a JPMorgan Chase account to wallets belonging to Goliath Ventures that were held at Coinbase.
According to the filing, around $253 million was deposited into the bank’s 0305 account between January 2023 and June 2025, representing nearly two-thirds of the $328 million that investors allegedly contributed. Of that amount, roughly $123 million was transferred to Goliath’s wallets maintained on Coinbase.
Complaint also references Bank of America account
A separate criminal complaint from the US government states that Goliath Ventures also maintained business accounts with Bank of America.
The filing notes that Christopher Delgado was a co-signatory on the Bank of America account ending in 9136, which was registered under Goliath’s name. According to the Feb. 20 complaint, company directors told at least one investor that Delgado had control over the account.
The complaint further states that most investor funds were deposited either into the 0305 account at JPMorgan Chase, the 9136 account at Bank of America, or transferred directly to wallets belonging to Goliath Ventures on Coinbase.
According to the government, Christopher Delgado was the sole authorized signatory for Goliath’s Coinbase wallets.
More lawsuits expected as victims are identified
The complaint was filed by attorneys from Shaw Lewenz, Sonn Law Group and Schwartzbaum PLLC. The first named plaintiff, Robby Alan Steele, said he invested $650,000, including funds from his retirement savings.
Jordan Shaw of Shaw Lewenz said additional complaints are likely as the legal team continues identifying individuals and organizations they believe may have played a role.
He explained that the legal strategy is being carried out carefully to support the work of the court-appointed receiver and improve the chances of recovering funds for victims.
“The goal is not to duplicate efforts, but instead to maximize recovery,” Shaw said.
