Alleged Ponzi Scheme Mastermind Stole More than $165 Million From Victims, Feds Say
Prosecutors say the scheme promised 25% monthly returns and used new investor money to repay earlier victims and cover personal expenses.
- On Monday, Edward Zimbardi appeared in Los Angeles federal court after FBI agents took the Flowery Branch resident into custody following his deportation from Fiji on Friday, August 14.
- Prosecutors allege Zimbardi operated "The Crypto Program" from June 2022 through August 2023, promising a guaranteed 25% monthly return on $550 investments in fictitious advertising packages.
- The scheme defrauded more than 6,000 investors of approximately $165 million; Zimbardi allegedly lost over $34 million on foreign-currency trades and spent at least $10 million on personal expenses.
- A federal grand jury indicted Zimbardi on 12 counts of wire fraud, 12 counts of money laundering, and one conspiracy count; U.S. Attorney Theodore Hertzberg said he will face charges in Georgia.
- The FBI Atlanta Field Office is seeking information from potential victims to assist in asset recovery, though federal authorities warn that recovering cryptocurrency from scammer-controlled wallets remains extremely challenging.
29 Articles
29 Articles
Alleged Mastermind of $165 Million Cryptocurrency Ponzi Scheme Facing Federal Charges after Deportation from Fiji
After allegedly perpetrating a $165 million Ponzi scheme, fleeing to Fiji, and being deported back to the United States, Edward Zimbardi will appear in federal court today to face wire fraud and money laundering charges. “Zimbardi allegedly tricked thousands of people to invest in his ‘Crypto Program’ with false promises of enormous returns. Instead, he […] The post Alleged Mastermind of $165 Million Cryptocurrency Ponzi Scheme Facing Federal Ch…
Feds NAB alleged Ponzi scheme mastermind
Fox News’ David Spunt reports the latest on the arrest after the suspect fled to Fiji. #foxnews #us #news #crime #fox Don’t just watch Fox News—be part of it. Become a Fox News Patriot today. https://youtube.com/foxnews/join Subscribe to Fox News! https://bit.ly/2vBUvAS Watch more Fox News Video: http://video.foxnews.com Watch Fox News Channel Live: http://www.foxnewsgo.com/ Download the...
The Epoch Times
Zero HedgeGeorgia Man Deported From Fiji Charged Over $165 Million Crypto Ponzi Scheme
A Georgia man accused of wire fraud and money laundering appeared in a Los Angeles federal court on Monday after being deported by Fijian authorities to face the charges following his flight to the South Pacific island. Prosecutors alleged the 59-year-old Edward Zimbardi, of Flowery Branch, Georgia, ran a Ponzi scheme that made more than $165 million from thousands of investors between June 2022 and August 2023. An attorney for Zimbardi could …
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