Another major Wall Street bank sued over $328 million ponzi scheme

Core Viewpoint - JPMorgan Chase is facing a class-action lawsuit for allegedly facilitating a $328 million Ponzi scheme involving cryptocurrency, which defrauded over 2,000 investors [1][2]. Group 1: Allegations Against JPMorgan Chase - The lawsuit claims that JPMorgan ignored red flags regarding suspicious transactions at Goliath Ventures, allowing the firm to utilize the bank's infrastructure to collect investor funds [2]. - JPMorgan is accused of being the sole banking institution for Goliath from January 2023 to May or June 2025, which enabled the Ponzi scheme to flourish [6]. - Approximately $253 million was deposited into a JPMorgan account during January 2023 to June 2025, representing about two-thirds of the total $328 million collected from investors [7]. Group 2: CEO's Stance and Company Behavior - The complaint highlights a contradiction between JPMorgan CEO Jamie Dimon's public criticism of cryptocurrencies and the bank's alleged involvement in the Ponzi scheme [3]. - The lawsuit suggests that JPMorgan prioritized its partnership with Coinbase, one of the largest crypto exchanges, over due diligence, which contributed to the scheme's growth [6][7]. Group 3: Legal Context and Responses - The Ponzi scheme operated from January 2023 until the arrest of Goliath Ventures CEO Christopher Delgado on February 24, 2026 [5]. - A spokesperson for Coinbase stated that the company is not a party to the lawsuit and emphasized its compliance with regulatory obligations [8].