FBI gets alleged $165 million crypto Ponzi scheme mastermind back after year-long Fiji escape
Prosecutors say Edward Zimbardi diverted investor funds into forex bets, luxury vehicles and payments to earlier investors.
A federal grand jury in Georgia indicted Zimbardi on July 8 on 12 counts of wire fraud, 12 counts of money laundering, and one count of conspiracy to commit money laundering, the US Attorney’s Office
Prosecutors allege Zimbardi operated The Crypto Program from June 2022 through August 2023, selling advertising packages that promised investors guaranteed monthly returns of 25%.
Rather than using the money as advertised, Zimbardi allegedly directed more than $34 million into high-risk foreign currency trading, used funds from newer investors to pay earlier participants, and spent at least $10 million on personal expenses.
The payment structure forms the basis of the government’s Ponzi scheme allegation, with prosecutors claiming returns paid to earlier participants were funded by money from later investors rather than profits generated by the business.
The Justice Department said Zimbardi fled to Fiji in July 2025 after learning that the FBI was investigating him. Fijian authorities deported him to the US on Aug. 14, 2026, in coordination with the FBI and State Department.
Zimbardi was scheduled to appear before a federal magistrate judge in Los Angeles on Aug. 17, with prosecutors seeking to keep him detained pending further proceedings. The Justice Department had not disclosed the outcome of that hearing in its latest statement.