Alleged $165 million crypto Ponzi operator faces US charges after deportation from Fiji

Edward Zimbardi, a Georgia man accused of masterminding one of the largest recent crypto fraud cases in the United States, appeared in federal court on August 17 after being deported from Fiji to face criminal charges.

The Charges

Zimbardi faces a federal indictment carrying 12 counts of wire fraud, 12 counts of money laundering, and one count of money laundering conspiracy, according to an announcement by U.S. Attorney Theodore S. Hertzberg and FBI Supervisory Special Agent Aaron Seres. Prosecutors allege that between 2022 and 2023, his scheme, known as The Crypto Program, drew more than $165 million from thousands of investors lured in by promises of guaranteed 25% monthly returns.

According to prosecutors, Zimbardi gambled over $34 million on foreign currency bets, used new investor deposits to pay earlier participants, and spent at least $10 million on personal expenses. OCCRP reported that California regulators separately alleged investor funds were told to be used solely for online advertising, while most were actually paid out to other investors or sent to a forex broker in St. Vincent and the Grenadines.

The case had drawn regulatory scrutiny well before the federal indictment. Georgia's secretary of state issued an emergency order against Zimbardi, banning him from investment advising and securities selling, and levying fines of up to $1.5 million against him and associated companies. California's Department of Financial Protection and Innovation had also issued a Desist and Refrain order against CryptoProgram in June 2023.

Capture and Extradition

Zimbardi, 59, had been evading authorities for some time. He was briefly arrested in the Netherlands in March 2024 before being released, and he subsequently relocated to Fiji in 2025. His removal from the Pacific island nation was carried out last week as part of a joint operation between the FBI and Fiji's Ministry of Immigration, after local authorities became aware of the pending federal charges, according to OCCRP.

The FBI is now asking former Crypto Program investors to submit victim information through a dedicated portal on the bureau's website. Authorities say contact will follow regarding further proceedings, including potential restitution.

Sources:
WSB Radio: Man accused of organizing $165 million Ponzi scheme arrested
OCCRP: Fiji Hands Over a Man Suspected of Ponzi-style Crypto Investment Schemes to US
WSB-TV: International crypto Ponzi scheme operated out of metro Atlanta