US Unseals 25-Count Indictment in $165M Crypto Case

Federal prosecutors in Georgia have unsealed a 25-count indictment against an American man accused of orchestrating a $165 million cryptocurrency Ponzi scheme that defrauded thousands of investors, just days after authorities in Fiji apprehended him and handed him over to federal agents.

The indictment, filed in the U.S. District Court for the Northern District of Georgia, marks the culmination of an international hunt for Edward Zimbardi, 59, who prosecutors say promised up to 25 percent monthly returns through high-yield investment platforms before fleeing to the South Pacific as federal regulators closed in.

Zimbardi was scheduled to appear in federal court in Los Angeles on Monday on 12 counts of wire fraud, 12 counts of money laundering, and one count of money laundering conspiracy. He did not respond to an earlier request for comment.

“Zimbardi allegedly tricked thousands of people into investing in his ‘Crypto Program’ with false promises of enormous returns. Instead, he spent the money on risky currency trades, payments to early investors, and treating himself to a house and expensive vehicles,” U.S. Attorney Theodore S. Hertzberg said in a statement.

“When his scam imploded, he allegedly tried to evade federal prosecution by fleeing to the other side of the world. Thanks to law enforcement and diplomatic authorities in Fiji and the United States, Zimbardi is back on American soil and will face trial.”