Prosecutors allege Edward Zimbardi misused $165 million in investor funds, losing $34 million on trades and spending $10 million personally.
Federal prosecutors charged Edward Zimbardi with fraud and money laundering after he was deported from Fiji. Authorities allege he ran a $165 million crypto Ponzi scheme, promising 25% monthly returns to investors.
Zimbardi reportedly lost over $34 million on risky currency trades and spent at least $10 million on personal expenses, including real estate and luxury vehicles. The scheme operated from June 2022 to August 2023, attracting thousands of investors.
He faces 12 counts of wire fraud, 12 counts of money laundering, and one conspiracy charge. Prosecutors seek his detention pending trial in Georgia.