Georgia man charged in $165 million crypto Ponzi scheme after fleeing to Fiji

You can run, but you can't hide. Federal proceedings await a Georgia man whom authorities accuse of operating a $165 million crypto Ponzi scheme and fleeing to Fiji.

Officials say the venture drew in thousands of investors with promises of unusually large returns, even though their money was allegedly diverted to other uses.

Here's what to know

In a press release, the U.S. Attorney's Office for the Northern District of Georgia revealed they named Edward Zimbardi, 59, of Flowery Branch, Georgia, in a federal indictment filed July 8, 2026, alleging 12 counts of wire fraud, 12 counts of money laundering, and one count of money laundering conspiracy.

His initial appearance is expected in Los Angeles before a federal magistrate judge, where prosecutors plan to argue that he should remain detained while the case moves forward in Georgia.

Investigators say Zimbardi created, promoted, and operated an enterprise called The Crypto Program between June 2022 and August 2023. They added the pitch focused on buying advertising packages that supposedly came with a guaranteed 25% return each month.

Prosecutors allege that at least $10 million was spent on personal costs, including alimony, luxury cars, and a home for his son. They also say money from later investors was used to pay earlier ones, and that more than $34 million was lost on foreign-currency trades.