Investors in the collapsed crypto vehicle Goliath Ventures have sued JPMorgan Chase, accusing the bank of turning a blind eye as a $328 million alleged Ponzi scheme ran through its accounts.
A proposed class action, filed Wednesday in the U.S. District Court for the Northern District of California, says JPMorgan “provided the essential banking infrastructure through which the Ponzi scheme operated.” The complaint — brought by investor Robby Alan Steele through Shaw Lewenz and co-counsel — alleges Chase processed investor deposits, facilitated transfers to exchanges and paid out purported returns, creating the “false appearance of legitimate profits.”
Key allegations and figures from the complaint
- The suit says JPMorgan was the sole banking institution serving Goliath.
- Approximately $253 million was deposited into a Chase account tied to Goliath between January 2023 and June 2025.
- Roughly $123 million of those funds were transferred from that account to Coinbase, and about $50 million was paid to investors as supposed returns.
- Plaintiffs say the scheme affected more than 2,000 people and characterize the operation as a $328 million Ponzi scheme.
The complaint argues these fund flows alone should have put the bank on notice. “From a bank’s perspective, the fraudulent scheme was obvious,” the filing states, saying the pattern of commingled investor money and transfers was inconsistent with legitimate activity and could not have been run “surreptitiously through one bank.”
The suit also notes the recent criminal developments: Florida resident Christopher Alexander Delgado, accused of running Goliath, was arrested last month on federal wire fraud and money laundering charges. That criminal case remains in early stages.
Plaintiffs accuse Chase of profiting from the arrangement by continuing to service accounts tied to Goliath despite what they call obvious red flags, and they invoke an apparent contrast between the bank’s conduct and CEO Jamie Dimon’s long-standing public criticism of cryptocurrencies. JPMorgan did not provide a substantive response to the allegations: a bank spokesperson told CoinDesk it would “decline to comment.”
The civil complaint does not set a specific damages amount. It seeks class certification and contends the bank’s role in processing and moving investor funds made it complicit in enabling the alleged scheme. The case is now pending in federal court as both the criminal prosecution of Delgado and the civil fight over the bank’s responsibility proceed.
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