Georgia man charged in US over $165 mln crypto Ponzi scheme

• Zimbardi promised investors a guaranteed 25% monthly return on a $550 initial investment in 'online advertising packages' but instead allegedly lost tens of millions betting on foreign currency and spent at least $10 million on personal expenses including a house for his son and alimony payments
• He fled to Fiji in July 2025 after learning of an FBI investigation and skipped his son's wedding in Virginia to avoid arrest before being tracked down by investigators and extradited to the United States
• The scheme operated as a classic Ponzi, using new investor money to repay earlier investors, with prosecutors noting victims were located 'all over the world'

Summary: Georgia Man Charged in $165M Crypto Ponzi Scheme

Key Details:

Edward Zimbardi, 59, of Flowery Branch, Georgia, has been deported from Fiji to face federal charges for allegedly orchestrating a cryptocurrency Ponzi scheme that defrauded over 6,000 investors worldwide, causing losses exceeding $165 million.

Charges:

Zimbardi faces 12 counts of wire fraud, 12 counts of money laundering, and one count of money laundering conspiracy.

The Scheme:

• Operated from June 2022 to August 2023
• Promoted as "The Crypto Program" promising to purchase online advertising packages
• Guaranteed 25% monthly returns on a $550 initial investment
• Instead of legitimate investments, Zimbardi allegedly lost tens of millions gambling on foreign currency trading
• Spent at least $10 million on personal expenses, including purchasing a house for his son and alimony payments
• Used classic Ponzi structure: paying earlier investors with funds from new investors

Flight and Capture:

Zimbardi fled to Fiji in July 2025 after learning of an FBI investigation. He skipped his son's May wedding in Virginia, correctly suspecting federal agents would attempt an arrest. U.S. investigators traveled to Fiji to escort him back, arriving in Los Angeles.

Market Implications:

This case highlights ongoing risks in cryptocurrency investment schemes promising unrealistic returns. U.S. Attorney Theodore Hertzberg warned that victims "all over the world" fell prey to promises of 25% monthly returns, particularly those desperate to recover previous losses.

Zimbardi was scheduled for an initial court appearance in Los Angeles federal court.