Million-dollar homes, luxury bags and Lamborghinis: Florida man pleads guilty in crypto fraud scheme

A Florida man pleaded guilty to fraud and money laundering charges after prosecutors said he tricked victims with promises of returns from crypto liquidity pools, but instead used their funds to buy six million-dollar homes as well as Lamborghinis.

On Tuesday, the U.S. Attorney's Office for the Middle District of Florida said Christopher Alexander Delgado, 34, pleaded guilty to wire fraud, conspiracy to commit wire fraud and money laundering. He faces up to 20 years in prison for each fraud count and up to 10 years for the money laundering issue. 

Delgado ran a firm called Goliath Ventures, formerly known as Gen-Z Venture Firm. Prosecutors said Delgado and others conducted a Ponzi scheme and solicited investors, telling them they would invest significant amounts of money and promised returns made through crypto liquidity pools. 

At least $400 million was paid by investors to Goliath, according to prosecutors. Those funds were then used for "extravagant business gatherings, holiday parties, luxury travel accommodations, and to fund Delgado’s and other Goliath employees’ luxury lifestyles," said prosecutors. 

"With victim investors' funds, Delgado purchased at least six residential properties, each worth between $1.15 million and $8.5 million, and millions of dollars' worth of high-end vehicles, watches, and jewelry, including Lamborghinis, Rolls-Royces, Rolex watches, several dozen Louis Vuitton bags, wallets, luggage, and custom Tiffany jewelry," prosecutors added.

Delgado admitted that he caused at least $250 million in losses to his investors, according to the statement. As part of the guilty plea, Delgado agreed to forfeit eight properties, 11 cars, 30 watches, over 50 luxury bags and wallets and 29 pieces of expensive jewelry.