$165 Million Crypto Ponzi Scheme Mastermind Deported Back to U.S., Facing Federal Fraud Charges

According to Cointelegraph, Edward Zimbardi, the alleged mastermind behind a $165 million cryptocurrency Ponzi scheme, was deported back to the United States by Fijian authorities recently after hiding in Fiji for over a year, following coordination between the FBI and the U.S. Department of State, and will appear for trial in the U.S. District Court for the Northern District of Georgia. Prosecutors allege that between June 2022 and August 2023, he illegally raised over $165 million in crypto assets by promising investors a fixed monthly return of 25% under the name "The Crypto Program". The raised funds were not used for the promised ad package business, but were misappropriated for over $34 million in high-risk forex trading, repaying early investors with new funds, and at least $10 million in personal expenses, including purchasing real estate, luxury vehicles, and paying alimony. Zimbardi currently faces 12 counts of wire fraud, 12 counts of money laundering, and 1 count of conspiracy to commit money laundering, totaling 25 federal charges.