Edward Zimbardi, the alleged mastermind behind a $165 million cryptocurrency Ponzi scheme, has been deported from Fiji to the United States to face federal fraud and money laundering charges.
US prosecutors allege Zimbardi operated “The Crypto Program” between June 2022 and August 2023, promising investors guaranteed monthly returns of 25%. Thousands of investors reportedly transferred more than $165 million in crypto to wallets under his control.
Authorities say Zimbardi instead lost more than $34 million through risky foreign currency trades, used funds from new investors to pay earlier participants, and spent at least $10 million on personal expenses, including a home, luxury vehicles and alimony.
Zimbardi was indicted on July 8 on 12 counts of wire fraud, 12 counts of money laundering and one count of conspiracy to commit money laundering. Prosecutors say he fled to Fiji after learning of the FBI investigation and remained there for more than a year before being deported.
US prosecutors allege Zimbardi operated “The Crypto Program” between June 2022 and August 2023, promising investors guaranteed monthly returns of 25%. Thousands of investors reportedly transferred more than $165 million in crypto to wallets under his control.
Authorities say Zimbardi instead lost more than $34 million through risky foreign currency trades, used funds from new investors to pay earlier participants, and spent at least $10 million on personal expenses, including a home, luxury vehicles and alimony.
Zimbardi was indicted on July 8 on 12 counts of wire fraud, 12 counts of money laundering and one count of conspiracy to commit money laundering. Prosecutors say he fled to Fiji after learning of the FBI investigation and remained there for more than a year before being deported.