Edward Zimbardi, the promoter of the alleged Ponzi scheme of $165 million known as “The Crypto Program“, was deported from Fiji to the United States last week, after remaining a fugitive for more than a year. The announcement was made by the Office of the United States Attorney for the Northern District of Georgia.
Zimbardi was scheduled to appear before a federal court in Los Angeles on Monday, where he faces 12 counts of wire fraud, 12 counts of money laundering, and one count of conspiracy to commit money laundering. Prosecutors requested his detention in the custody of the U.S. Marshals Service while judicial proceedings move forward.
According to the formal indictment, Zimbardi promoted the scheme between June 2022 and August 2023 through videos and websites offering advertising packages with a guaranteed monthly return of 25%.
Thousands of investors transferred cryptocurrencies to wallets that Zimbardi secretly controlled, accumulating more than $165 million. Rather than acquiring the promised packages, he allegedly directed more than $34 million to foreign currency bets and at least $10 million to personal expenses, including housing for his son, luxury vehicles, and alimony payments. The FBI asked affected investors to come forward with information as potential victims in the case.
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