Georgia man charged in US with running $165 million crypto Ponzi scheme

Edward Zimbardi, a 59-year-old man from Flowery Branch, Georgia, has been deported from Fiji to the United States to face federal charges. Prosecutors accuse him of orchestrating a cryptocurrency Ponzi scheme that defrauded more than 6,000 investors and resulted in losses exceeding $165 million. Zimbardi was indicted on multiple counts, including wire fraud, money laundering, and conspiracy to commit money laundering.

According to U.S. Attorney Theodore Hertzberg in Atlanta, Zimbardi promoted "The Crypto Program" as an investment vehicle for online advertising packages. He allegedly guaranteed investors a 25% monthly rate of return on initial investments as low as $550. However, instead of investing in advertising, prosecutors claim Zimbardi lost tens of millions of dollars through foreign currency trading. He also allegedly spent at least $10 million on personal expenses, including a house for a son and alimony payments.

The scheme reportedly operated from June 2022 to August 2023. Zimbardi fled to Fiji in July 2025 after learning of an FBI investigation into his activities. He even missed his son's wedding in Virginia, suspecting agents might attempt to arrest him. U.S. investigators traveled to Fiji to escort him back to the U.S., where he arrived in Los Angeles. "He had victims all over the world," Hertzberg stated at a press conference. "If you're promised 25% returns every month by somebody who expresses remorse for having 'accidentally' lost your money in the past, you might be willing to go with it because you're that desperate to get your money back."

Zimbardi was expected to make an initial appearance in federal court in Los Angeles. A federal public defender representing him did not immediately respond to a request for comment.

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He had victims all over the world. If you're promised 25% returns every month by somebody who expresses remorse for having 'accidentally' lost your money in the past, you might be willing to go with it because you're that desperate to get your money back.