JPMorgan Chase Implicated in Massive $328 Million Crypto Ponzi Scheme
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Investors’ Nightmare: The $650,000 Loss and the Alleged Ponzi Scheme
Robby Alan Steele, a plaintiff in a newly filed lawsuit, has claimed a significant financial loss of $650,000, including his retirement savings, due to an alleged $328 million cryptocurrency Ponzi scheme. The scheme, reportedly facilitated by JPMorgan Chase, was orchestrated by Goliath Ventures, a crypto investment company based in Florida. The firm stands accused of deceiving over 2,000 investors and amassing hundreds of millions of dollars under false pretenses.
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JPMorgan: The Exclusive Financial Partner of Goliath
A class-action lawsuit, proposed in the US District Court for the Northern District of California, charges JPMorgan with allowing Goliath to exploit its banking services, facilitating the influx of investor funds while disregarding apparent red flags. From January 2023 to mid-2025, JPMorgan was purportedly the sole financial institution managing Goliath’s accounts, through which approximately $250 million was funneled. A significant portion, around $123 million, was reportedly directed to Goliath’s Coinbase wallets.
On March 11, 2026, The Recorder highlighted the investors’ accusations against JPMorgan Chase for allegedly supporting the $328 million Ponzi scheme. Legal representatives argue that the substantial transactions through a single account should have triggered investigations as per federal banking regulations, which necessitate a thorough understanding of customer activities.
The lawsuit asserts, “Through its Know Your Customer obligations, Chase was fully aware that Goliath functioned as an unauthorized private equity cryptocurrency pool operator, soliciting investments without the proper licensing.”
Details of the Case Against Goliath and Its CEO
Goliath, initially known as Gen-Z Venture Firm, operated from January 2023 until January 2026, according to court records. The CEO, Christopher Delgado, was apprehended on February 24 by the US Attorney’s Office for the Middle District of Florida. He faces charges of wire fraud and money laundering, carrying a potential prison sentence of up to 30 years upon conviction.
Bank of America: Another Player in the Federal Investigation
The federal case also implicates Bank of America. Prosecutors allege that Delgado had co-signatory authority over a Bank of America business account used by Goliath. At least one investor was reportedly directed to this account by company officials. According to the government’s narrative, investor funds were processed through JPMorgan’s account, Bank of America’s account, or directly to Goliath’s Coinbase wallets, all under Delgado’s control.
The civil lawsuit has been initiated by attorneys from Shaw Lewenz, Sonn Law Group, and Schwartzbaum. Lead attorney Jordan Shaw has indicated that additional complaints are forthcoming as the team continues to identify individuals involved in the scheme.
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