Georgia Man Accused of $165M Crypto Ponzi Scheme Targeting Desperate Investors Worldwide

A Georgia man, Edward Zimbardi, has been accused of orchestrating a massive cryptocurrency Ponzi scheme, defrauding over 6,000 investors out of more than $165 million.

Zimbardi presented his scheme as 'The Crypto Program,' promising a guaranteed 25% return every month to those who invested at least $550 in online advertising packages. However, instead of generating returns through actual business activities, Zimbardi allegedly used money from new investors to pay earlier ones, creating the illusion that the investment program was successful.

The scheme was reportedly operated from June 2022 through August 2023, during which time Zimbardi lost tens of millions of dollars while betting on foreign currencies and spent at least $10 million on personal expenses. U.S. Attorney Theodore Hertzberg in Atlanta described the victims as being 'all over the world,' adding that those who promised unusually high returns often targeted desperate individuals.