BlockBeats News, March 12th, according to Cointelegraph, JPMorgan Chase is facing a lawsuit for allegedly providing banking infrastructure to the now-defunct crypto investment firm Goliath Ventures and turning a blind eye to suspicious transactions, facing a class-action lawsuit brought by investors. Investors filed a proposed class-action lawsuit on Tuesday in the US Northern District of California federal court, accusing the bank of allowing Goliath Ventures to access investor funds through its account system. The lawsuit alleges that despite JPMorgan Chase CEO Jamie Dimon’s public criticism of Bitcoin, the bank failed to prevent wire transfers related to crypto scams, JPMorgan Chase should have known during the “Know Your Customer” (KYC) process that Goliath operated a crypto investment fund pool in the form of “private equity,” yet did not hold the relevant sales permit.
The US Attorney’s Office for the Middle District of Florida previously announced on February 24th the arrest of Goliath Ventures CEO Christopher Delgado, who faces up to 30 years in federal prison if all charges are proven, the prosecution said the Ponzi scheme ran from January 2023 to January 2026, during which Goliath Ventures raised at least $328 million from over 2,000 investors.
