Crypto investors have accused Alston & Bird attorneys of circumventing securities regulations., 2026/03/06 17:52:18

Investors from Florida have initiated a class-action lawsuit against the law firm Alston&Bird, claiming they fell victim to the Goliath Ventures cryptocurrency scheme and incurred losses amounting to $328 million. The plaintiffs argue that the business agreements drafted by this firm created a façade of legitimacy for Goliath Ventures.

The lawsuit, filed in the Southern District of Florida, states that Alston&Bird produced a legal opinion assuring investors that the liquidity pool of Goliath Ventures was not associated with securities. This enabled Goliath Ventures’ creator, Christopher Delgado, to raise funds without regulatory oversight. Investors contend that based on Alston&Bird’s opinion, their funds were solicited through joint venture agreements and directed to Goliath Ventures, circumventing the requirements applicable to securities.

The plaintiffs assert that Alston&Bird’s opinion misled them, noting that none of the attorneys involved in the documents held a license in Florida. The complainants accused the firm of facilitating securities fraud.

In February, the Florida Attorney General arrested Delgado on charges of $328 million fraud and money laundering through cryptocurrencies. Investors in his project were promised consistent monthly returns generated through cryptocurrency liquidity pools. However, most of the funds were never invested in the pool, and Delgado misappropriated the investors’ money for personal purchases and real estate.

Last year, investors who suffered financial losses trading the tokens FWOG, FRED, and GRIFFAIN filed a class-action lawsuit against the meme coin launch platform Pump.fun. The plaintiffs labeled these tokens as unregistered securities, as the platform earned nearly $500 million in fees from them.