Georgia man charged in US with running US$165 million crypto Ponzi scheme
NEW YORK: A Georgia man has been deported from Fiji to face charges in his home state accusing him of defrauding more than 6,000 investors and causing more than US$165 million of losses in a cryptocurrency Ponzi scheme, the US attorney in Atlanta said on Monday.
A Georgia man, Edward Zimbardi, has been charged with running a US$165 million cryptocurrency Ponzi scheme in the United States. Zimbardi, 59, was indicted on 12 counts of wire fraud, 12 counts of money laundering, and one count of money laundering conspiracy. The scheme, known as The Crypto Program, promised a guaranteed 25 per cent monthly return on an initial US$550 investment to over 6,000 investors worldwide.
However, Zimbardi allegedly lost millions betting on foreign currency, spent heavily on personal expenses, and used new funds to repay earlier investors. He fled to Fiji in July 2025 after learning about an FBI investigation and skipped his son's wedding in Virginia, leading to his arrest. Zimbardi's victims included individuals from various countries, and he is expected to make an initial appearance in Los Angeles federal court.
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