Alleged Ponzi Scheme Mastermind Stole More than $165 Million From Victims, Feds Say
Prosecutors say the scheme promised 25% monthly returns and used new investor money to repay earlier victims and cover personal expenses.
- On Monday, Edward Zimbardi appeared in Los Angeles federal court after FBI agents took the Flowery Branch resident into custody following his deportation from Fiji on Friday, August 14.
- Prosecutors allege Zimbardi operated "The Crypto Program" from June 2022 through August 2023, promising a guaranteed 25% monthly return on $550 investments in fictitious advertising packages.
- The scheme defrauded more than 6,000 investors of approximately $165 million; Zimbardi allegedly lost over $34 million on foreign-currency trades and spent at least $10 million on personal expenses.
- A federal grand jury indicted Zimbardi on 12 counts of wire fraud, 12 counts of money laundering, and one conspiracy count; U.S. Attorney Theodore Hertzberg said he will face charges in Georgia.
- The FBI Atlanta Field Office is seeking information from potential victims to assist in asset recovery, though federal authorities warn that recovering cryptocurrency from scammer-controlled wallets remains extremely challenging.
17 Articles
17 Articles
Georgia Man Deported From Fiji Charged Over $165 Million Crypto Ponzi Scheme
A Georgia man accused of wire fraud and money laundering appeared in a Los Angeles federal court on Monday after being deported by Fijian authorities to face the charges following his flight to the South Pacific island. Prosecutors alleged the 59-year-old Edward Zimbardi, of Flowery Branch, Georgia, ran a Ponzi scheme that made more than $165 million from thousands of investors between June 2022 and August 2023. An attorney for Zimbardi could …
Edward Zimbardi, 59, deported from Fiji, will appear Monday before a federal judge in Los Angeles accused of a cryptocurrency pyramid scam that captured more than $165 million from thousands of investors, reported in a statement by the federal prosecutor's office of the Northern District of Georgia (United States).Zimbardi, a resident of Flowery Branch, Georgia, was formally charged on July 8 with 12 charges of electronic fraud, 12 charges of mo…
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