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U.S. prosecutors have charged Edward Zimbardi with running an alleged cryptocurrency Ponzi scheme that collected more than $165 million from thousands of investors before collapsing in 2023. Zimbardi was deported from Fiji to the United States on August 14 after living there for more than a year.
The 59-year-old Georgia resident faces 12 counts of wire fraud, 12 counts of money laundering and one count of conspiracy to commit money laundering. He was indicted on July 8 and was scheduled to make an initial federal court appearance in Los Angeles on August 17.
Crypto Program Promised 25% Monthly Returns From $550 Investments
Prosecutors say Zimbardi operated The Crypto Program from June 2022 through August 2023. Promotional websites and videos offered advertising packages with a guaranteed monthly return of 25%, with participation starting at $550.
Investors were encouraged to pay by sending cryptocurrency to wallets prosecutors say Zimbardi secretly controlled. More than 6,000 investors ultimately contributed over $165 million to the program.
The government alleges the money was not used to purchase the advertised products. Instead, funds from later investors were used to pay earlier participants while the operation continued.
Prosecutors Trace $34M to Currency Bets and $10M to Personal Spending
Zimbardi allegedly placed more than $34 million into risky foreign-currency trades and lost a substantial amount. Prosecutors also accuse him of spending at least $10 million on personal expenses, including luxury vehicles, alimony payments and a house for his son.
The Crypto Program collapsed in August 2023. Prosecutors say Zimbardi later traveled through Hawaii, Fiji and other locations before moving to Fiji in July 2025 after becoming aware of the FBI investigation.
August 14 Fiji Deportation Returns Zimbardi to US Courts
Fijian authorities deported Zimbardi on August 14 after learning of the federal charges, working with the FBI and U.S. State Department. Investigators escorted him to Los Angeles, and prosecutors said they would seek his detention pending further proceedings in the Northern District of Georgia.
The FBI is collecting information from people who invested in The Crypto Program as the prosecution moves forward. The charges are allegations, and Zimbardi is presumed innocent unless proven guilty beyond a reasonable doubt.
