Alleged Crypto Ponzi Scheme Mastermind Edward Zimbardi Deported to US

Edward Zimbardi, the alleged mastermind of a $165 million crypto Ponzi scheme, was returned to the United States after being deported from Fiji to face federal fraud and money laundering charges.

On Monday, the US Attorney’s Office for the Northern District of Georgia said that Fijian authorities deported Zimbardi on Friday in coordination with the FBI and State Department. He was scheduled to appear before a federal magistrate judge in Los Angeles, with prosecutors seeking his detention pending proceedings in Georgia.

Prosecutors allege Zimbardi promoted a scheme called “The Crypto Program” from June 2022 to August 2023 as an advertising-package investment promising guaranteed returns of 25% monthly. Thousands of investors allegedly sent over $165 million in crypto to wallets he secretly controlled.

Instead of purchasing advertising packages, Zimbardi allegedly placed more than $34 million in risky foreign currency trades, used later investments to pay off earlier investors and spent at least $10 million on personal expenses, including a house, luxury vehicles and alimony.

Zimbardi was indicted July 8 on 12 counts of wire fraud, 12 counts of money laundering and one money laundering conspiracy count. Prosecutors allege he fled to Fiji after learning of the FBI investigation and remained there for more than a year.