Sonn Law Group Expands Class Actions Against Bank of America and Broad Financial in $328 Million Goliath Ventures Crypto Ponzi Scheme

A school teacher with nearly 25 years of service lost her retirement savings after investing in Goliath Ventures, a cryptocurrency fund now alleged by prosecutors to be a Ponzi scheme. Hundreds or thousands of other investors, including retirees, families, and professionals, have experienced similar losses after the fund raised at least $328 million through false promises of steady monthly returns from so-called “liquidity pools.”

On March 20, 2026, investors represented by Sonn Law Group, with co-counsel from Shaw Lewenz, Schwartzbaum, and Murphy’s Law: The Crypto Law Firm, filed proposed class actions in federal court in New Jersey against Bank of America and in Nevada against Broad Financial. The lawsuits allege these institutions provided the banking infrastructure that enabled the fraud to expand, transfer funds to crypto exchanges, and maintain an appearance of legitimacy.

Full story from Law.com today, see embedded PDF below for the complete details.

This is not our first stand in this fight. As we detailed in our earlier updates—first on the criminal arrest of founder Christopher Alexander Delgado in January, then on our federal class action against JPMorgan Chase (Sonn Law Group’s JPMorgan Chase filing)—the scheme could not have operated at this devastating scale without traditional financial gatekeepers looking the other way.

From January 2023 through June 2025, Goliath funneled $253 million through its JPMorgan Chase account, with over $123 million moving to Coinbase wallets. After Chase debanked the fund, the operation simply migrated to Bank of America. Between May and September 2025 alone, approximately $75 million poured into a Bank of America business account. Tens of millions flowed out—to crypto exchanges, and crucially, to earlier investors as “returns” funded by newer victims’ deposits. The complaint details many more suspicious transactions.

Broad Financial faces parallel accusations on a smaller but no less painful scale: marketing self-directed retirement accounts that allegedly became a fast pipeline for converting hard-earned 401(k)s and IRAs into fuel for the scheme. Dozens of Goliath-referred investors were processed and charged fees.

As our co-counsel Jordan Shaw, chair of the commercial litigation practice at Shaw Lewenz, put it so powerfully:

“Our goal is not to throw everything at the wall and see what sticks. Our goal is to be purposeful. We know that every time we file a lawsuit, it creates hope. And we want it to be real hope, not false hope. We investigate and if there is a colorable avenue to recovery for our investors, we’ll pursue it.”

That purposeful approach defines everything we do at Sonn Law Group. We are not interested in false hope. We are focused on real recovery.

Without access to the U.S. banking system, Goliath could not have accepted investor funds at scale, transferred them to crypto platforms, or perpetuated the lie of legitimate returns. Bank of America, the filing alleges, created a false appearance of institutional legitimacy that investors reasonably relied upon. The same holds true for Broad Financial’s role in retirement-account processing.

We are also working hand-in-hand with the independent receiver, Michael Budwick of Meland Budwick, who was appointed by a Broward County judge on March 3 and who moved the case into Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of Florida (Miami Division, Judge Robert A. Mark) this week. Our philosophy is clear, as co-counsel Adam A. Schwartzbaum stated: go after targets with class actions where we can make a genuine difference and increase value for investors—without interfering with the bankruptcy estate’s efforts to preserve remaining assets.

See our full timeline of the Goliath Ventures fraud and our ongoing investigation here: Goliath Ventures Ponzi Scheme Timeline.

This case is profoundly personal. It is about teachers who taught our children, parents who sacrificed for their families, and retirees who trusted a system that failed them. It is about the banks and financial institutions that profited from—or at minimum enabled—the very transactions that turned dreams into dust.

If you or someone you know invested in Goliath Ventures, whether directly, through a retirement account, or by referral, you are not alone. The criminal case is progressing, the bankruptcy process is underway, and our civil litigation aims to trace all funds and hold responsible parties accountable.

Contact Sonn Law Group today for a free, confidential consultation. Time matters—deadlines for claims in the bankruptcy and class actions are approaching. Call us at 844-689-5754 or reach out online anytime. We have been fighting for investors in complex securities and crypto fraud cases for over 30 years, and we are not stopping now.

Justice for Goliath victims is not just possible—it is being built, lawsuit by lawsuit, one purposeful step at a time.