According to CoinMeta, CFTC accuses Christopher Delgado, a man from Florida, and his company Goliath Ventures of engaging in an encrypted Ponzi scheme worth $397 million, which affected as many as 1,600 victims. Delgado is accused of lying by claiming that he invested clients' funds in a DeFi liquidity pool; in reality, he spent $48 million on yachts, $4.9 million on global travel, and $2.9 million on luxury clothing and jewelry. Delgado pleaded guilty in June and faces a maximum sentence of 20 years for each charge. SEC also filed parallel charges against him on Tuesday.