A Florida resident has been apprehended on federal charges in connection with a suspected cryptocurrency Ponzi scheme that allegedly swindled investors out of at least $328 million.

The U.S. Attorney’s Office for the Middle District of Florida announced Tuesday that Christopher Alexander Delgado, a 34-year-old from Apopka, Florida, faces charges of wire fraud and money laundering. Should Delgado be found guilty on all counts, he could face a maximum sentence of 30 years in federal prison.

According to the federal complaint, Delgado was the president and CEO of Goliath Ventures, previously known as Gen-Z Venture Firm, and is accused of orchestrating the Ponzi scheme from January 2023 through January 2026. In a Ponzi scheme, returns to existing investors are paid with funds acquired from new investors, rather than from profit earned by the firm.

The U.S. Attorney’s Office claims that Delgado attracted victims by falsely promising significant monthly returns from investments in cryptocurrency “liquidity pools.” These promises were allegedly deceptive and fraudulent.

The complaint further states that Delgado’s firm lured investors through personal referrals, polished marketing materials, lavish events, charitable sponsorships, and sporadic payments of supposed returns to bolster Goliath’s credibility with investors.

Although Goliath Ventures claimed that investors’ money would be allocated to cryptocurrency liquidity pools, federal prosecutors revealed that funds were predominantly used to pay returns to earlier investors, reimburse those who requested their principal back, and finance extravagant business events, festive parties, and luxury travel arrangements.

The U.S. attorney’s office said Delgado used funds from investors he allegedly victimized to buy four residential properties each worth between $1.15 million and $8.5 million.

Victims who have been identified by law enforcement will receive a notice of their rights under the Crime Victims’ Rights Act. 

The announcement by the prosecutors’ office also indicated that victims who haven’t received such a notice may reach out to the IRS through a dedicated contact email for Goliath victims, while the Department of Justice also has a webpage with information about how victims may self-identify themselves to law enforcement working the case.

Criminal complaints and charges are merely allegations that a defendant has broken the law, and all defendants are presumed innocent unless, and until, proven guilty.

The case is being investigated by the IRS Criminal Investigation and Department of Homeland Security Investigations.