Metro Atlanta man indicted in alleged cryptocurrency Ponzi scheme

ATLANTA, Ga. (Atlanta News First) — Federal authorities say a metro Atlanta man was the mastermind behind an alleged multimillion-dollar cryptocurrency Ponzi scheme that defrauded thousands of investors.

The U.S. Department of Justice has indicted Edward Zimbardi of Flowery Branch, who’s accused of taking $165 million from about 6,000 investors who believed they were paying into a cryptocurrency advertising program. Instead, investigators say he used investor funds to buy a home, luxury vehicles and pay alimony to his ex-wife.

Federal prosecutors say Zimbardi fled the country last year before authorities found him in Fiji.

“Zimbardi allegedly preyed on trusting individuals through a complex scheme to separate people from their hard-earned money and then reportedly fled more than 7300 miles to the South Pacific,” said Marlo Graham, special agent in charge of FBI Atlanta. “Scammers are trying everything they can to defraud people out of their hard-earned money, but the FBI is doing everything we can to make sure they don’t succeed, no matter where they hide.”

Zimbardi was deported back to the United States last week. He faces wire fraud charges that could carry decades in prison if he’s convicted.