Georgia Man Charged in $165M International Cryptocurrency Ponzi Scheme

A Georgia man, Edward Zimbardi, is facing federal wire fraud and money laundering charges after allegedly tricking people out of $165 million in an international cryptocurrency Ponzi scheme.

Zimbardi advertised his 'The Crypto Program' online as an opportunity to invest in advertising packages with a guaranteed 25% monthly return. However, investors were encouraged to pay for these packages by moving cryptocurrency into wallets that Zimbardi secretly controlled.

Federal prosecutors say Zimbardi fled to Fiji to avoid prosecution but was brought back to the U.S. in August by the FBI.