Crypto Ponzi suspect faces 25 charges after deportation

Edward Zimbardi, the alleged operator of a $165 million crypto Ponzi scheme, returned to the United States on Aug. 14 after authorities in Fiji deported him, federal prosecutors announced Monday.

Zimbardi, 59, of Flowery Branch, Georgia, faces 12 counts of wire fraud, 12 counts of money laundering and one count of conspiracy to commit money laundering. A federal grand jury in the Northern District of Georgia returned the indictment on July 8.

The U.S. Attorney’s Office said Zimbardi was expected to appear before a federal magistrate judge in Los Angeles on Aug. 17. Prosecutors planned to seek his detention before the case proceeds in Georgia. No publicly accessible order confirming the outcome of that hearing was identified by publication time.

The charges are allegations. Zimbardi is presumed innocent unless prosecutors prove his guilt beyond a reasonable doubt.

Prosecutors say the crypto Ponzi raised $165 million

According to the Justice Department’s release, Zimbardi created and promoted an investment operation called The Crypto Program between June 2022 and August 2023.

Promotional videos and websites allegedly described the program as an opportunity to buy digital advertising packages. Investors were reportedly promised guaranteed monthly returns of 25%.

Participants were instructed to send cryptocurrency to wallets that prosecutors say Zimbardi secretly controlled. Thousands of investors allegedly transferred more than $165 million to those addresses during the operation.

Prosecutors claim the promised advertising packages were not purchased. Instead, Zimbardi allegedly used money from later participants to pay returns to earlier investors, a payment structure associated with crypto Ponzi schemes.

The indictment’s underlying cryptocurrency addresses and complete transaction records have not been released publicly. The Justice Department also has not identified the digital assets investors used or disclosed how much cryptocurrency authorities have recovered.

Foreign currency trades allegedly lost investor money

Zimbardi allegedly placed more than $34 million of investor funds into risky foreign currency trades. Prosecutors said those trades produced substantial losses, although the Justice Department did not provide an exact loss figure.

The indictment also accuses Zimbardi of spending at least $10 million on personal expenses. The purchases allegedly included a house for his son, luxury vehicles and alimony payments to his former wife.

Those figures represent prosecution allegations rather than court findings. Zimbardi has not entered a publicly reported plea in the Northern District of Georgia, and no defense response to the allegations was available.

The case resembles other federal prosecutions involving promised fixed returns and later investor funds. As crypto.news previously reported, federal authorities charged a Florida executive over a separate alleged $328 million investment operation that prosecutors also characterized as a crypto Ponzi scheme.

In another case, an Arizona defendant pleaded guilty after investors lost $13 million through purported automated trading businesses. Those proceedings are unrelated to Zimbardi’s case.

Fiji deported Zimbardi after more than one year

The Crypto Program allegedly collapsed in August 2023, leaving investors unable to recover their funds. Prosecutors said Zimbardi later traveled through Hawaii, Fiji and other locations.

Investigators allege he learned of the FBI investigation and fled to Fiji in July 2025. He reportedly remained there for more than one year.

Prosecutors also claim Zimbardi canceled plans to attend his son’s wedding in Virginia in May 2026 because he suspected FBI agents would arrest him. The Justice Department said his suspicion was correct but did not explain how investigators learned about the planned trip.

Fijian authorities deported Zimbardi on Aug. 14 after learning about the federal charges. The FBI and U.S. Department of State coordinated his return with Fiji’s immigration ministry and police.

The case also received assistance from the SEC, CFTC, California Department of Financial Protection and Innovation, Georgia Secretary of State and other U.S. agencies. No parallel civil enforcement action against Zimbardi was identified on the SEC or CFTC websites as of Aug. 18.

Victims can submit information while the case advances

The immediate next steps include Zimbardi’s transfer or appearance in the Northern District of Georgia, a formal plea and a decision on whether he remains detained pending trial.

Prosecutors must also disclose evidence under federal criminal procedures. The court will set deadlines for motions and trial after Zimbardi appears in the Georgia case. No trial date has been announced.

The FBI has opened a dedicated portal for people who invested in The Crypto Program. Potential victims can submit contact details and information about their transactions.

The FBI said it may later request supporting documents for restitution proceedings. Submission does not guarantee repayment, and any restitution would depend on the outcome of the prosecution, verified losses and recoverable assets.

Assistant U.S. Attorney Bethany L. Rupert is prosecuting the case. The FBI is leading the investigation with assistance from federal, state and Fijian authorities.