Georgia man Edward Zimbardi charged with alleged $165 million cryptocurrency Ponzi scheme

According to Reuters, Edward Zimbardi, a man from Georgia, has been deported from Fiji to the United States on suspicion of operating a cryptocurrency Ponzi scheme. He faces 12 charges of telecom fraud, 12 charges of money laundering, and 1 charge of money laundering conspiracy. The prosecution claims that Edward Zimbardi promoted his cryptocurrency plan to over 6000 investors between June 2022 and August 2023, claiming that investing $550 would result in a guaranteed monthly return of 25%. Edward Zimbardi did not purchase the advertising package and used the funds for foreign exchange trading, resulting in losses of tens of millions of dollars. He used at least 10 million dollars for personal expenses and used new investor funds to repay old investors. This scam caused investors to lose over 165 million dollars.