$165M Crypto Ponzi Scheme Mastermind Deported to Face Charges

The alleged mastermind of a $165 million digital asset Ponzi scheme has been deported back to the United States from Fiji to face wire fraud and money laundering charges, according to the U.S. Justice Department.

Edward Zimbardi, a 59-year-old U.S. citizen, appeared in court after being deported earlier this month to address charges of orchestrating an alleged Ponzi scheme called 'The Crypto Program.'

Zimbardi allegedly sold The Crypto Program as an opportunity to invest in advertising packages with a guaranteed 25% monthly return. Investors were encouraged to pay for the packages by moving digital currency into wallets that Zimbardi secretly controlled.

However, instead of using investments to buy advertising packages, Zimbardi allegedly gambled more than $34 million on risky foreign currency bets, losing substantial money in the process and forcing him to use funds from later investors to pay earlier investors.