JPMorgan Hit With Lawsuit Over Alleged Role in $328M Crypto Ponzi Scheme

Investors Claim Bank Allowed Fraudulent Transactions to Flow Through Accounts

Banking giant JPMorgan Chase is facing a lawsuit from investors who claim the bank played a role in facilitating a $328 million cryptocurrency Ponzi scheme connected to the now-defunct investment firm Goliath Ventures.

The proposed class action was filed in the U.S. District Court for the Northern District of California, where plaintiffs argue that the bank ignored warning signs of suspicious transactions and allowed the alleged scheme to move investor funds through its banking infrastructure.

The complaint claims the bank permitted Goliath to operate accounts despite indications that the firm was running an unlicensed cryptocurrency investment pool.

The lawsuit also notes the apparent contradiction between the bank’s internal activity and the long-standing skepticism toward cryptocurrencies expressed by Jamie Dimon, chief executive of JPMorgan.

Alleged Scheme Drew More Than 2,000 Investors

Prosecutors Say Operation Ran From 2023 to 2026

According to prosecutors from the U.S. Attorney’s Office for the Middle District of Florida, the alleged Ponzi scheme operated from January 2023 through January 2026.

Authorities arrested Christopher Delgado, the founder and CEO of Goliath Ventures, on Feb. 24. If convicted on all counts, Delgado could face up to 30 years in federal prison.

Investigators say the firm raised at least $328 million from more than 2,000 investors during the period.

Plaintiffs claim JPMorgan served as Goliath’s primary banking partner from January 2023 until May or June 2025, allegedly enabling the firm to collect funds from investors through its accounts.

Banking Flow Diagram

Millions Allegedly Moved Through JPMorgan Accounts

Lawsuit Tracks Transfers to Coinbase Wallets

Court filings outline the movement of funds through specific bank accounts linked to the scheme.

According to the complaint:

$253 million was deposited into a JPMorgan account ending in 0305 between January 2023 and June 2025.
This amount represents nearly two-thirds of the $328 million investors reportedly provided.
About $123 million of those deposits were transferred to cryptocurrency wallets held at Coinbase.

Plaintiffs allege that these transactions allowed the investment operation to move funds into digital asset wallets connected to the company.

Government Investigation Also Mentions Bank of America Accounts

Authorities Trace Additional Banking Channels

A separate criminal complaint filed by the United States Department of Justice indicates that Bank of America accounts were also used during the operation.

According to the filing:

Delgado was a co-signatory on a Bank of America account ending in 9136 used by Goliath.
Funds from investors were reportedly deposited into either JPMorgan’s 0305 account, the Bank of America 9136 account, or transferred directly to Coinbase wallets.

Investigators say Delgado was the sole signatory controlling Goliath’s Coinbase wallets, according to government documents.

Victims Continue to Come Forward

Attorneys Expect Additional Legal Actions

The lawsuit was filed by attorneys from Shaw Lewenz, Sonn Law Group, and Schwartzbaum PLLC.

The first named plaintiff, Robby Alan Steele, said he invested $650,000, including retirement savings, in the alleged scheme.

Lawyers involved in the case say more complaints could follow as investigators identify additional victims and parties potentially connected to the operation.

Attorney Jordan Shaw stated that the legal team intends to proceed carefully while coordinating with court-appointed receivers working to recover funds.

The goal, he said, is to maximize financial recovery for victims rather than duplicate existing legal actions.

Growing Scrutiny of Banking Links to Crypto Fraud

The case reflects increasing legal scrutiny on financial institutions that process transactions tied to cryptocurrency-related investment schemes.

As digital asset markets expand, regulators and courts are paying closer attention to how traditional banking infrastructure interacts with crypto businesses, particularly when large sums of investor funds are involved.

The outcome of the lawsuit could influence how banks monitor and manage cryptocurrency-linked transactions in the future.