Flowery Branch Man Accused of $165M Crypto Ponzi Scheme Returns to US
A Flowery Branch man has been accused of running a massive $165 million cryptocurrency Ponzi scheme, and is now back in the United States after being deported from Fiji. Edward Zimbardi, 59, allegedly persuaded thousands of people to invest in 'The Crypto Program', promising enormous returns before it collapsed in August 2023.
The program, which operated between June 2022 and August 2023, used websites and promotional videos to advertise so-called advertising packages that guaranteed investors a 25% return every month. Investors were encouraged to transfer cryptocurrency into digital wallets controlled by Zimbardi, who ultimately received more than $165 million.
However, instead of investing the money as promised, prosecutors say Zimbardi used it for personal expenses, including luxury vehicles and alimony payments to his ex-wife. He also lost a substantial amount on foreign currency trades, and used funds from newer investors to pay earlier participants in the scheme.