$165M Crypto Ponzi Scheme Mastermind Deported to US

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

Edward Zimbardi, a 59-year-old U.S. citizen originally from Flowery Branch, Georgia, allegedly sold 'The Crypto Program' as an opportunity to invest in advertising packages with a guaranteed 25% monthly return through promotional videos and websites.

However, instead of using investments for advertising, Zimbardi reportedly gambled more than $34 million on foreign currency bets, losing substantial amounts and forcing him to use funds from later investors to pay earlier ones. He also allegedly spent at least $10 million on personal expenses, including buying a house for his son, purchasing luxury vehicles, and making alimony payments.

Zimbardi was charged with 12 counts of wire fraud, 12 counts of money laundering, and 1 count of money laundering conspiracy after an investigation by the FBI in collaboration with U.S. State and Justice departments.