JPMorgan Chase JPM has been sued by victims of an alleged $328-million cryptocurrency Ponzi scheme in a case that raises fresh questions about whether large banks are doing enough to detect and prevent financial crime.
The proposed class action, filed in federal court in California, accuses JPMorgan of enabling fraud linked to crypto investment firm Goliath Ventures. More than 2,000 investors say they lost hundreds of millions of dollars. Founder of the scheme, Christopher Alexander Delgado, allegedly ran a scheme promising high crypto returns, but used new investors’ money to pay earlier ones and for personal use.
According to the complaint, about $253 million moved through JPMorgan accounts linked to the scheme between January 2023 and June 2025, with roughly $123 million later transferred to cryptocurrency wallets.
Plaintiffs say JPM ignored warning signs, including rapid, large deposits and withdrawals, commingling of funds and transaction patterns commonly associated with fraud, while continuing to service the accounts and collect fees.
The case adds to wider scrutiny of banks’ anti-money laundering and compliance systems, while also reviving attention on JPMorgan’s past regulatory and legal troubles. In February 2026, the European Central Bank (ECB) fined J.P. Morgan SE 12.18 million euros ($14.32 million) for misreporting capital requirements. A year earlier, JPMorgan agreed to pay $330 million to settle claims related to the 1MDB scandal, involving more than $217 million in international transfers through Switzerland.
In November 2025, the Federal Deposit Insurance Corporation (“FDIC”) filed a lawsuit against Capital One COF, alleging that the bank paid about $100 million less than it should have to help bail out depositors of Silicon Valley Bank and Signature Bank, when both collapsed in 2023.
In sync with this, Capital One estimated in July 2025 that it might have to reserve an additional $200 million. The main concern of the dispute was whether Capital One understated its level of uninsured deposits by excluding a $56-billion position between two subsidiaries from regulatory filings that describe its financial condition.
In September, UBS Group AG UBS agreed to pay €835 million ($986.8 million) to resolve a long-running French tax case concerning its cross-border business activities between 2004 and 2012.
UBS Group AG agreed to pay a €730-million ($862.7 million) fine and €105 million ($124.1 million) in civil damages to the French state. UBS Group AG stated that the matter is fully provisioned and its resolution is consistent with its strategy of addressing legacy issues in the best interests of all stakeholders.