Florida investors have filed a class action lawsuit against law firm Alston & Bird, accusing it of playing an essential role in a $328 million cryptocurrency Ponzi scheme run by Goliath Ventures. The complaint claims the firm drafted contracts and provided misleading legal advice that enabled the fraud. CEO Christopher Alexander Delgado faces federal charges for wire fraud and money laundering.
On March 5, 2026, a purported class action complaint was filed in the US District Court for the Southern District of Florida, naming Alston & Bird as a defendant in a lawsuit brought by investors who claim they were deceived into funding an alleged $328 million cryptocurrency Ponzi scheme. The suit, titled Euliano v. Alston & Bird, LLP (case number 26-cv-60646), alleges that the international law firm "architected the legal framework through which investor funds and retirement funds were solicited, pooled, transferred, and deployed" into Goliath Ventures.
According to the complaint, Alston & Bird prepared an opinion letter assuring investors that Goliath's cryptocurrency liquidity pool did not constitute a security, allowing the company to raise capital via joint venture agreements without securities law oversight. However, the complaint states this advice was incorrect, and none of the lawyers involved were licensed in Florida. This, it claims, created "a duty owed by Alston & Bird to the partners or joint venturers in the joint venture it created and represented, and then facilitate securities fraud and other misconduct on behalf of one partner against the rest."
Goliath Ventures, led by CEO Christopher Alexander Delgado, was ostensibly a legitimate cryptocurrency liquidity business that pooled investor funds to facilitate crypto asset transfers and earn fees. Federal prosecutors allege that Delgado, charged with wire fraud and money laundering, diverted most funds for personal purchases and real estate instead of investing them. Multiple lawsuits from affected investors have flooded Florida courts, and earlier this week, a state court appointed a receiver to safeguard remaining assets.
The firm did not immediately respond to requests for comment. Adam A. Schwartzbaum, an attorney for the plaintiffs alongside firms Sonn Law Group, Shaw Lewenz, and Murphy’s Law: The Crypto Law Firm, described the complaint as "just the beginning." He added, "The evidence shows that this scheme did not operate in a vacuum."
