Georgia Man Deported from Fiji Faces Charges in $165M Crypto Ponzi Scheme

Edward Zimbardi, a 59-year-old man from Flowery Branch, Georgia, has been deported from Fiji and is facing federal charges related to a $165 million cryptocurrency Ponzi scheme.

Prosecutors allege that between June 2022 and August 2023, Zimbardi created and promoted 'The Crypto Program,' which promised investors a 25% return every month. Investors were encouraged to purchase advertising packages by transferring cryptocurrency into digital wallets controlled by Zimbardi.

The scheme collapsed in August 2023, leaving investors unable to recover their money. Federal investigators allege that Zimbardi used money from newer investors to pay earlier participants and spent over $34 million on foreign currency trades, losing a substantial amount of it.

Zimbardi then fled to Fiji, where he remained for over a year before being deported. He is expected to make his first federal court appearance in Los Angeles before proceedings move back to Georgia.