Fiji Hands Over a Man Suspected of Ponzi-style Crypto Investment Schemes to US

Federal prosecutors in Georgia have unsealed a 25-count indictment against Edward Zimbardi, a 59-year-old American man accused of orchestrating a $165 million cryptocurrency Ponzi scheme that defrauded thousands of investors. The indictment, filed in the U.S. District Court for the Northern District of Georgia, follows the recent handover of Zimbardi from Fiji to U.S. authorities. Authorities in Fiji apprehended him and delivered him to federal agents, marking the end of an international effort to bring him to justice. The alleged scheme, which operated from June 2022 until August 2023, involved Zimbardi promoting a high-yield investment platform called The Crypto Program. Through promotional videos and websites, he allegedly promised investors up to 25 percent monthly returns. Investors were encouraged to transfer cryptocurrency into wallets controlled by Zimbardi. Prosecutors claim that instead of using the funds for advertised purposes, such as online advertising, Zimbardi funneled most of the money into risky foreign currency bets, paid off earlier investors, and spent at least $10 million on personal expenses, including a house for his son, luxury vehicles, and alimony payments. According to the U.S. Attorney’s Office, Zimbardi’s actions led to the collapse of the program in August 2023, leaving investors unable to recover their investments. After the scheme collapsed, Zimbardi traveled to Hawaii, Fiji, and other global locations. In July 2025, he became aware of the FBI’s investigation and fled to Fiji, remaining there for over a year. During this time, he was involved in at least two businesses in Fiji’s tourism hub of Nadi, namely Woven (Fiji) Pte Limited and Top Quality Import Parts Pte Ltd. However, there is no evidence linking these businesses to the alleged misconduct or the ongoing civil case in Georgia. Zimbardi’s legal history includes a conviction in 1997 for felony theft in Georgia, resulting in approximately 17 months in prison. More than two decades later, he faced renewed scrutiny over investment schemes tied to entities known as IMG and CryptoProgram. In June 2023, California’s Department of Financial Protection and Innovation ordered Zimbardi and CryptoProgram to stop offering unqualified securities. The order alleged that Zimbardi misled investors by claiming their funds would be used exclusively for online advertising, while most were diverted to pay other investors and some were sent to a forex broker in St. Vincent and the Grenadines. In 2024, Zimbardi was reportedly arrested in the Netherlands, according to U.S. and Dutch media. The Public Prosecutor’s Office in the Netherlands stated that Zimbardi was named as a suspect in a criminal investigation but that the case was transferred to a foreign authority. The office declined to provide further details. Regulators in California and Georgia have characterized Zimbardi’s investment projects as illegal schemes operating in a Ponzi-like manner. Georgia imposed a civil penalty of up to $500,000. A civil case in Georgia, brought by LeeAnn Harper, alleges that Zimbardi engaged in racketeering, fraud, and securities violations. Her attorney, Daniel Thornburgh, expressed satisfaction that Zimbardi was returned to the United States to face charges. He highlighted Harper’s bravery in coming forward with her accusations and emphasized the importance of holding Zimbardi accountable for his actions. 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. His appearance followed his apprehension in Fiji, where he was escorted by an FBI agent onto a Fiji Airways flight. The U.S. Embassy shared photos of the handover, showcasing the collaborative efforts between U.S. and Fijian authorities. As the case moves forward, the focus remains on ensuring accountability for the victims of Zimbardi’s alleged fraudulent activities.