Federal prosecutors in the Northern District of Georgia have unsealed charges against Edward Zimbardi after Fiji deported him to the United States, accusing him of running a digital-asset investment scheme that took about $165 million from investors around the world.

According to court filings, the operation, known as The Crypto Program, drew in thousands of participants with promises of guaranteed 25% monthly returns. Prosecutors allege the business used investor funds in ways that were never disclosed, including risky currency trading and personal spending, before collapsing in August 2023.

Alleged structure of the scheme

Prosecutors say Zimbardi marketed The Crypto Program through advertising package purchases and told investors they would receive fixed monthly payouts of 25%. Over about 14 months, from June 2022 through August 2023, victims allegedly sent more than $165 million in digital currencies to private wallets under his control.

Instead of generating the promised returns, the government alleges the program depended in part on money from newer participants to meet withdrawal requests from earlier ones. Authorities say that arrangement was used to mask the weakness of the operation as losses mounted.

Losses and personal spending allegations

Court filings say more than $34 million of investor money was directed into high-risk foreign exchange trades, which resulted in substantial losses. Prosecutors contend those trades were inconsistent with the guaranteed-return pitch used to attract customers.

The filings also allege that at least $10 million was spent on personal expenses. The government says those expenditures included luxury vehicles, alimony payments and the purchase of a house for Zimbardi’s son.

Flight, arrest and deportation

After the program failed in August 2023, prosecutors say Zimbardi fled, traveling through Hawaii and several international destinations. The government alleges he later moved to Fiji in July 2025 after learning of the federal investigation, and that he canceled plans to attend his son’s wedding in May 2026.

Fijian authorities worked with U.S. officials to arrest and deport him on Aug. 14 after the indictment was unsealed. He then appeared in federal court in Los Angeles, where prosecutors asked that he remain detained before trial.

What officials say comes next

U.S. Attorney Theodore S. Hertzberg said Zimbardi deceived thousands of people with false promises of extraordinary returns, then used their funds on speculative forex activity and personal purchases. FBI Atlanta Special Agent in Charge Marlo Graham said the case involved a complex fraud scheme and noted that Zimbardi had fled more than 7,300 miles to the South Pacific.

Authorities are asking alleged victims to submit transaction details through the FBI Crypto Program Victim Portal to support the investigation. The immediate next confirmed step is the criminal case now moving forward in the United States, where prosecutors say Zimbardi will face trial.

Source: news.bitcoin.com