- Investors sued JPMorgan in California, alleging it enabled a $328 million crypto scheme linked to Goliath Ventures.
- Court filings say more than 2,000 investors sent the amount to Goliath Ventures from 2023 to 2026.
- Prosecutors arrested Goliath CEO Christopher Delgado on Feb. 24, charging him with wire fraud and money laundering.
A class-action lawsuit has accused JPMorgan Chase of providing the main banking infrastructure for an alleged cryptocurrency fraud tied to Goliath Ventures. The case was filed in the U.S. District Court for the Northern District of California. Investors claim the bank allowed its accounts to process large volumes of funds linked to the operation.
Source: Goliath Class Action v. JPMorgan Chase
The complaint centers on Goliath Ventures, a firm that allegedly raised money from investors by promoting private crypto investment opportunities. According to the plaintiffs, the company has raised at least $328 million in over 2,000 investments between January 2023 and January 2026. They argue that JPMorgan did not identify transactions that caused compliance concerns.
Lawsuit Says Chase Accounts Handled Most Investor Funds
According to the latest update, a large share of investor money moved through a JPMorgan account ending in 0305. Court filings state that about $253 million was deposited into that account between January 2023 and June 2025.
The lawsuit also states that about $123 million was later sent from that JPMorgan account to Goliath cryptocurrency wallets on Coinbase. Plaintiffs claim this made Chase the main banking channel for the alleged scheme. They also argue that the bank had access to enough customer information to identify the nature of the business activity.
The complaint alleges that Goliath acted as a private equity-style crypto pool operator without proper licensing.
Related: JPMorgan CEO Calls for Fair Rules Between Banks and Stablecoin Firms
Goliath’s Ponzi Scheme
Federal prosecutors in the Middle District of Florida have also taken action against Goliath Ventures chief executive Christopher Delgado. Authorities announced his arrest on February 24. He faces charges of wire fraud and money laundering, and prosecutors said he could face up to 30 years in federal prison if convicted on all counts.
Delgado operated Goliath Ventures, formerly known as Gen-Z Venture Firm, as a Ponzi scheme from January 2023 through January 2026. Prosecutors said he promised victims monthly returns from cryptocurrency liquidity pools.
The complaint also states that money from victims funded luxury travel, business gatherings, holiday parties, and high-value property purchases. Prosecutors said Delgado bought four residential properties worth between $1.15 million and $8.5 million using investor funds.
Bank Oversight of Crypto
The lawsuit may draw fresh attention to how major banks monitor accounts connected to digital asset businesses. Plaintiffs argue that financial institutions must detect suspicious patterns and act when accounts are used to move investor money under pretenses.
Court documents also mention Bank of America accounts linked to Goliath Ventures. However, the complaint places JPMorgan at the center of the banking activity because of the volume of deposits and transfers tied to the alleged fraud. The investigation is being led by the Internal Revenue Service Criminal Investigation and Homeland Security Investigations.
Related: Crypto Regulatory Clarity Matters More for Banks, Says Former CFTC Chair
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