Key facts
- Edward Zimbardi, 59, faces charges for allegedly operating a cryptocurrency Ponzi scheme.
- The scheme is accused of defrauding over 6,000 investors of more than $165 million.
- Zimbardi allegedly promised a 25% monthly return on investments.
- Funds were allegedly lost on foreign currency bets and spent on personal expenses.
- Zimbardi was deported from Fiji to the U.S. to face charges.
A Georgia man, Edward Zimbardi, 59, has been deported from Fiji to the United States to face federal charges for allegedly operating a cryptocurrency Ponzi scheme that defrauded over 6,000 investors of more than $165 million. U.S. Attorney Theodore Hertzberg in Atlanta announced the charges on Monday.
Prosecutors stated that Zimbardi, of Flowery Branch, Georgia, pitched 'The Crypto Program' as a way to purchase online advertising packages, promising a guaranteed 25% monthly return on initial investments of $550. Instead of investing in advertising, Zimbardi allegedly lost tens of millions of dollars on foreign currency bets, spent at least $10 million on personal expenses including a house for his son and alimony, and used new investor funds to pay earlier investors.
The alleged scheme ran from June 2022 to August 2023. Zimbardi reportedly fled to Fiji in July 2025 after learning the FBI was investigating him. He is indicted on 12 counts of wire fraud, 12 counts of money laundering, and one count of money laundering conspiracy. Zimbardi was expected to make an initial appearance in Los Angeles federal court.