‘Victims all over the world’ – Inside Georgia man’s $165M crypto case

Edward Zimbardi, a 59-year-old man from Georgia, orchestrated a cryptocurrency Ponzi scheme, according to the U.S. prosecutors. In this attack, Zimbardi defrauded over 6,000 investors, resulting in a loss of more than $165 million.

To carry out the Ponzi scheme, Zimbardi presented the scheme as “The Crypto Program,” telling people they could invest at least $550 to purchase online advertising packages and receive a guaranteed 25% return every month.

U.S. prosecutors uncover Edward Zimbardi’s scam

However, after the 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. 

In fact, prosecutors also alleged that Zimbardi lost tens of millions of dollars while betting on foreign currencies, while at least $10 million was spent on personal expenses. That said, the scheme was reportedly operated from June 2022 through August 2023.

Adding more to the matter, 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.