Law360 reports on a proposed federal class action filed against Alston & Bird LLP, accusing the major law firm of drafting joint venture agreements that were used to facilitate a $328 million Ponzi-like cryptocurrency fraud operated by Goliath Ventures Inc. and its CEO, Christopher Delgado. Murphy’s Law founding partner Liam Murphy is part of the legal team representing the proposed class of defrauded investors.
The three-count suit, filed in the U.S. District Court for the Southern District of Florida (Case No. 0:26-cv-60646), alleges professional negligence, breach of fiduciary duty, and constructive fraud against Alston & Bird. According to the complaint, the firm was hired in 2025 to rewrite joint venture agreements that induced investors to transfer millions of dollars to Goliath, with the JVAs making Alston & Bird legal counsel to each investor and establishing fiduciary duties owed to them.
The lawsuit alleges that Goliath operated two types of scams. In the first, investors provided currency for placement in cryptocurrency liquidity pools in exchange for promised monthly returns of 4%. In the second, Goliath solicited funds placed into self-directed individual retirement accounts created and managed by the company. In September 2025, Goliath stopped paying returns and stopped honoring withdrawal requests.
CEO Christopher Delgado was arrested in February and charged with wire fraud and money laundering in a separate federal criminal complaint (Case No. 6:26-mj-01240, Middle District of Florida). Federal prosecutors allege that between 2023 and 2026, Delgado operated a Ponzi scheme and used investor money to fund luxury vacations, high-end watches, and vehicles including Rolls-Royces and a Lamborghini. Delgado was released after posting $1 million bond and ordered to surrender assets. A Broward County state court judge has also approved the appointment of a receiver over Goliath.
An estimated 1,500 investors were defrauded, according to the plaintiffs’ counsel. The proposed class is represented by Adam A. Schwartzbaum of Adam A. Schwartzbaum PA, Jeffrey R. Sonn of Sonn Law Group, T. Liam Murphy of Murphy’s Law: The Crypto Law Firm, and Jordan Shaw and Gabriel E. Morales of Shaw Lewenz.
If you were an investor in Goliath Ventures or believe you have been the victim of a cryptocurrency fraud or Ponzi scheme, contact Murphy’s Law for a free consultation to discuss your legal options.