JPMorgan Sued in Federal Class Action Over $328M ‘Goliath’ Crypto Ponzi Scheme

JPMorgan Chase Bank NA is facing mounting scrutiny in a proposed class action lawsuit accusing the bank of enabling a massive $328 million cryptocurrency Ponzi scheme run by Florida-based Goliath Ventures Inc. 

The suit, Steele v. JP Morgan Chase Bank, N.A. (case 3:26-cv-02067), was filed March 10, 2026, in the U.S. District Court for the Northern District of California. Plaintiff Robby Alan Steele seeks to represent thousands of investors nationwide, claiming JPMorgan processed roughly $253 million in suspicious deposits and transfers through Goliath accounts from January 2023 to January 2026. 

Court documents and federal affidavits allege Goliath, formerly Gen-Z Venture Firm, promised investors steady monthly returns of about 4% (around 48% annually) from supposed crypto liquidity pools. Its funds allegedly flowed from JPMorgan accounts to exchanges like Coinbase before purportedly entering encrypted ledgers and pools. 

In reality, prosecutors say it was a classic Ponzi: new money paid earlier investors, generating no real profits. The firm’s CEO Christopher Alexander Delgado, 34, of Apopka, allegedly misused millions for luxury properties in Winter Park, Sanford, and Windermere. 

Delgado was arrested February 24, 2026, on federal wire fraud and money laundering charges in the Middle District of Florida. He posted $1 million bond and remains free pending trial, facing up to 30 years if convicted. A federal judge has frozen his assets, and a court-appointed receiver oversees Goliath holdings. 

The JPMorgan suit alleges the bank ignored red flags like rapid, unusual fund flows and lack of legitimate crypto activity, all despite anti-money laundering obligations. It claims the bank’s services were essential to the fraud’s scale. 

A separate Florida class action targets law firm Alston & Bird LLP for allegedly drafting agreements to evade securities laws. 

No detailed public response from JPMorgan has emerged as of March 12, 2026. Such cases often see early dismissal motions and prolonged litigation. Currently, multiple firms are recruiting victims for recovery efforts amid the ongoing criminal probe.

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