Edward Zimbardi, a 59-year-old Georgia man, orchestrated a cryptocurrency Ponzi scheme that defrauded over 6,000 investors of more than $165 million, according to U.S. prosecutors. The scheme, called “The Crypto Program,” promised investors a guaranteed 25% monthly return on a minimum $550 investment for online advertising packages. Prosecutors found the packages did not generate returns, and Zimbardi used new investor funds to pay earlier investors. He also lost tens of millions of dollars betting on foreign currencies and spent at least $10 million on personal expenses. The scheme operated from June 2022 through August 2023. Zimbardi fled to Fiji in July 2025 but faces 25 charges, including wire fraud and money laundering.
Edward Zimbardi, a 59-year-old man from Georgia, orchestrated a cryptocurrency Ponzi scheme, according to U.S. prosecutors. This attack defrauded over 6,000 investors, resulting in a loss of more than $165 million.
To carry out the scheme, Zimbardi presented it as “The Crypto Program.” He told people they could invest at least $550 to purchase online advertising packages and receive a guaranteed 25% return every month.
After investigation, prosecutors found that the advertising packages were not actually generating those returns. Instead, Zimbardi allegedly used money coming from new investors to pay earlier investors, creating the appearance that the investment program was working.
Prosecutors also alleged that Zimbardi lost tens of millions of dollars while betting on foreign currencies. At least $10 million was spent on personal expenses. The scheme reportedly operated from June 2022 through August 2023.
U.S. Attorney Theodore Hertzberg in Atlanta said, “He had victims all over the world. If you’re promised 25% returns every month by somebody who expresses remorse for having ‘accidentally’ lost your money in the past, you might be willing to go with it because you’re that desperate to get your money back.”
Zimbardi also attempted to escape prosecution. Prosecutors say he learned that the FBI was investigating him and fled to Fiji in July 2025. As of now, he has not been found guilty and is entitled to defend himself in court.
With 25 charges, including 12 counts of wire fraud, 12 counts of money laundering, and one count of conspiracy to commit money laundering, it would be difficult for Zimbardi to escape jurisdiction. This followed a recent cryptocurrency Ponzi scheme carried out by Goliath Ventures and CEO Christopher Delgado for allegedly orchestrating a scheme that amassed nearly $397 million from about 1,611 customers, according to a recent report.
