How Years of Deception Set the Stage for Massive SEC and Criminal Liability. If you invested in Goliath Ventures, your contract was likely illegal.

The SEC doesn’t care what Delgado called it — “private equity fund,” “joint venture,” or anything else. Legally, these were securities sold to the public with no registration, no licenses, and no disclosures. And that makes the fallout inevitable.

For years, Goliath Ventures loudly marketed itself as a “Private Equity Fund.”

PDFTake their August 2024 Investor Newsletter. In his CEO letter, Chris Delgado wrote:

“The dynamic landscape of private equity offers numerous possibilities, and together, we can navigate these waters with confidence and precision.”

“We are thrilled to announce the launch of our new, state-of-the-art dashboard, meticulously designed to enhance your experience and provide you with comprehensive insights into your contributions to our private equity fund. This innovative tool is part of our commitment to ensuring transparency, accessibility, and actionable intelligence for all our valued partners.”

And if you don’t believe me, hear it from Chris Himself

Their websites, pitch decks, and training materials all painted investors as “buying equity” and “partnering in private equity.” It sounded sophisticated and safe — perfect bait for doctors, firefighters, realtors, and retirees.

But when the pressure built in September 2025, Goliath abruptly rebranded. Suddenly, they were a “Joint Venture Private Fund” with disclaimers plastered everywhere claiming they weren’t selling equity or securities.

Here’s Delgado at the Vault Conference 2025, which he blew $1M sponsoring. In front of 12,000 people, he couldn’t even explain what Goliath actually was. He called it a “Private Joint Venture Fund.” Watch for Yourself

And then, in a move straight out of the fraud playbook:

  • September 2, 2025: Bringas Bookkeeping (Goliath’s internal payout processor) dissolved its Florida corporation and reincorporated in Wyoming.
  • September 3, 2025: Goliath Ventures did the exact same thing — Florida out, Wyoming in.

Investors? Not informed. No notices. No disclosures. No consent.

This kind of jurisdiction-hopping corporate swap is a massive red flag. It screams insiders trying to shield themselves, bury records, and complicate enforcement. The fact that Bringas Bookkeeping moved first — paving the way — shows how deliberate it all was.

The Howey Test: Why Goliath’s Contracts Are Securities

The SEC doesn’t care what you call your product.
It cares what it is.

Under the Howey Test (SEC v. W.J. Howey Co., 328 U.S. 293 (1946)), a contract is a security if it involves:

  • Investment of money
  • In a common enterprise
  • With an expectation of profits
  • From the efforts of others

Goliath’s contracts check every box.

  • Investors put in cash or crypto — often six and seven figures
  • Funds were pooled in so-called “liquidity pools”
  • They were promised 3–10% fixed monthly returns and guaranteed principal
  • Returns supposedly came from Goliath’s “trading,” not investor work

Call it a “joint venture.” Call it “private equity.” Call it “magic beans.”
Legally, it’s a security.

And selling unregistered securities to the public is a federal crime.

No Registration, No Licenses, No Disclosures

Despite raising $250–$500 million from 1,500+ people, Goliath Ventures:

  • Never registered with the SEC
  • Never filed Form D notices
  • Provided no audited financials or disclosures
  • Sold to non-accredited investors — many retirees and first responders

And it gets worse.

Goliath also operated as an unlicensed money transmitter:

  • Not registered with FinCEN as an MSB
  • Not licensed in Florida or Wyoming
  • Yet handling pooled crypto funds on behalf of the public

That’s a double whammy: securities fraud + unlicensed money transmission.

The Self-Directed IRA Timebomb

Through WealthMD, Goliath targeted retirement accounts.

In a February 2025 training, Matt Burks and Piers Curry bragged:

“The reason we figured this out — it’s a trillion-dollar market.”

They:

  • Helped investors set up self-directed IRA LLCs
  • Guided rollovers from pensions and 401(k)s
  • Directed funds into unregistered Goliath contracts

Protected retirement money was stripped from regulated custodians and funneled into a Ponzi-like scheme. That triggers ERISA liability and potential criminal penalties.

The Sham “Independent Audits”

At the same time, Burks and Curry were running BlackBlock — a fake “independent audit” shop.

  • Marketed as independent, but owned by Burks and Curry
  • Pushed to investors as proof of safety
  • Used to create a false aura of legitimacy

So the same people funneling retirement money were also faking audits. A two-pronged scam. Textbook conspiracy.

The Fallout: SEC, DOJ, FinCEN, and DOL

If (when) regulators classify Goliath’s contracts as securities, the hammer comes down:

  • SEC: cease-and-desist, freezes, disgorgement, officer bans
  • DOJ: felonies for unregistered securities, wire fraud, conspiracy
  • FinCEN/States: unlicensed money transmitter charges
  • DOL/IRS: ERISA suits, IRA disqualifications, back taxes, penalties

The Bottom Line

Goliath Ventures wasn’t sloppy.
It was engineered deception.

They sold unregistered securities.
They ran unlicensed crypto pools.
They raided retirement accounts.
They faked audits.

And when the walls closed in, they fled Florida for Wyoming overnight.

Rebranding won’t save them.
Disclaimers won’t save them.

When the SEC and DOJ move — and they will — the unregistered securities problem will be the case that tears Goliath apart.

And it won’t just end Delgado.
It will also take down Matt Burks and Piers Curry, the architects behind both WealthMD and BlackBlock.

Catastrophic liability.
Long federal prison sentences.
The writing is on the wall.

Previously in This Series on Goliath Ventures

  1. Goliath Ventures Exposed – Glossy Promises, Shaky Contracts, and the Dark Reality of Guaranteed Returns
  2. Goliath Ventures Exposed Part 3: Christopher Delgado, Matt Burks, BlackBlock and the Compliance Illusion
  3. Chris Lord Delgado Claims “Smear Campaign” – Goliath Ventures Exposed in My Full Response
  4. The Bookkeeper’s Vanishing Act: Chris Delgado, Nadia Bringas, and Goliath Ventures
  5. Pull Money While You Can! Goliath Ventures Ponzi Exposed by FAKE Audit. Florida Ponzi Scheme SCAM
  6. Goliath Ventures Inc (Christopher Delgado) and the Missing FinCEN Registration: Why It Matters 
  7. Goliath Ventures Inc Florida Ponzi Collapse, Coming Clawbacks and Arrests 
  8. The Unregistered Securities Problem: Why Goliath Ventures’ Contracts Are Likely Illegal (this article)

The story is far from over. Each time I peel back a layer, more dirt surfaces.

Disclaimer: How This Investigation Was Conducted

This investigation relies entirely on OSINT — Open Source Intelligence — meaning every claim made here is based on publicly available records, archived web pages, corporate filings, domain data, social media activity, and open blockchain transactions. No private data, hacking, or unlawful access methods were used. OSINT is a powerful and ethical tool for exposing scams without violating privacy laws or overstepping legal boundaries.

About the Author

I’m DANNY DE HEK, a New Zealand–based YouTuber, investigative journalist, and OSINT researcher. I name and shame individuals promoting or marketing fraudulent schemes through my YOUTUBE CHANNEL. Every video I produce exposes the people behind scams, Ponzi schemes, and MLM frauds — holding them accountable in public.

My PODCAST is an extension of that work. It’s distributed across 18 major platforms — including Apple Podcasts, Spotify, Amazon Music, YouTube, and iHeartRadio — so when scammers try to hide, my content follows them everywhere. If you prefer listening to my investigations instead of watching, you’ll find them on every major podcast service.

You can BOOK ME for private consultations or SPEAKING ENGAGEMENTS, where I share first-hand experience from years of exposing large-scale fraud and helping victims recover.

“Stop losing your future to financial parasites. Subscribe. Expose. Protect.”

My work exposing crypto fraud has been featured in: