On March 12, according to Cointelegraph, JPMorgan Chase is facing a lawsuit for allegedly providing banking infrastructure to the now-defunct crypto investment firm Goliath Ventures and ignoring suspicious transactions. Investors filed a proposed class-action lawsuit on Tuesday in the U.S. District Court for the Northern District of California, accusing the bank of allowing Goliath Ventures to collect investor funds through its account system. The lawsuit alleges that despite repeated public criticism of Bitcoin by JPMorgan CEO Jamie Dimon, the bank failed to prevent wire transfers related to crypto scams. Furthermore, the lawsuit claims that JPMorgan should have known that Goliath was operating a crypto investment pool in a "private equity" manner during its Know Your Customer (KYC) process, yet failed to hold the relevant sales permits.
The U.S. Attorney's Office for the Central District of Florida announced the arrest of Christopher Delgado, CEO of Goliath Ventures, on February 24. If convicted on all charges, he could face up to 30 years in federal prison. Prosecutors say the Ponzi scheme operated from January 2023 to January 2026, during which time Goliath Ventures raised at least $328 million from more than 2,000 investors.
