Key facts
- Edward Zimbardi, 59, has been deported from Fiji to the U.S. to face federal charges.
- He is accused of operating a $165 million cryptocurrency Ponzi scheme known as The Crypto Program.
- The scheme allegedly promised investors a 25% monthly return.
- Zimbardi faces 12 counts of wire fraud, 12 counts of money laundering, and one conspiracy count.
- Prosecutors claim he gambled over $34 million and spent $10 million on personal expenses.
Edward Zimbardi, a 59-year-old from Georgia, has been deported from Fiji to the United States to face federal charges related to an alleged $165 million cryptocurrency Ponzi scheme. The Justice Department announced his return on Monday, detailing the 12 counts of wire fraud, 12 counts of money laundering, and one conspiracy count he faces.
Prosecutors allege that from June 2022 to August 2023, Zimbardi operated a scheme called The Crypto Program. He promoted advertising packages with a promised guaranteed monthly return of 25%. Investors were instructed to send cryptocurrency to wallets that Zimbardi secretly controlled, with thousands ultimately transferring over $165 million.
Instead of using the funds for advertising, Zimbardi is accused of gambling more than $34 million on risky foreign-currency trades and paying earlier investors with funds from newer ones. He also allegedly spent at least $10 million on personal expenses, including a house for his son, luxury vehicles, and alimony payments.
When the scheme collapsed in August 2023, Zimbardi fled the country and eventually settled in Fiji. He was apprehended after learning of an FBI probe. The FBI is urging individuals who invested in The Crypto Program to come forward.