A Florida businessman has admitted to orchestrating a cryptocurrency scam that drained hundreds of millions of dollars from investors.
The CEO of Orlando-based Goliath Ventures, formerly known as the Gen-Z Venture Firm, has pleaded guilty to several federal charges including conspiracy to commit wire fraud, wire fraud, and money laundering. He says US Department of Justice.
This scheme was a classic Ponzi scheme, using new investors’ money to pay previous participants while withdrawing funds for personal use.
Federal prosecutors in Florida detailed how the operation targeted victims with false promises of investment gains in cryptocurrencies.
“Delgado provided fraudulent information to obtain money from investors and then spent his ill-gotten gains on his extravagant lifestyle…
As set forth in the accompanying civil asset forfeiture lawsuit, the United States identified at least $400 million paid by investors to Goliath…
With the victim investors’ money, Delgado’s company purchased at least six residential properties, each worth between $1.15 million and $8.5 million, and millions of dollars’ worth of cars, watches and luxury jewelry, including a Lamborghini, a Rolls Royce, Rolex watches, dozens of Louis Vuitton bags, wallets, luggage, and custom Tiffany jewelry.
The FBI has released a questionnaire for potential victims and information is available about upcoming victims’ rights hearings here.
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