JPMorgan Chase is facing a class-action lawsuit accusing the bank of allowing a $328 million cryptocurrency Ponzi scheme to operate through its banking infrastructure.
The lawsuit was filed on March 10 in the U.S. District Court for the Northern District of California by plaintiff Robby Alan Steele on behalf of investors who claim they were defrauded by the now-defunct Florida firm Goliath Ventures.
The complaint alleges that JPMorgan Chase ignored warning signs and enabled the scheme by providing banking services that allowed the company to collect funds from more than 2,000 investors.
According to the filing, Goliath Ventures operated the scheme from January 2023 until January 2026 before authorities arrested its chief executive Christopher Delgado in February.
The lawsuit claims roughly $253 million was deposited into a JPMorgan account tied to Goliath between January 2023 and mid-2025, with about $123 million later transferred to crypto wallets on Coinbase.
A Coinbase spokesperson said the company is not a party to the lawsuit and stated it had met its compliance obligations while cooperating with banks and law enforcement to address illicit activity.
US authorities allege that instead of investing in crypto liquidity pools as promised, Goliath used investor funds to pay earlier investors and cover luxury expenses including high-end travel and multiple residential property purchases.