Flowery Branch man accused of running $165 million crypto Ponzi scheme deported from Fiji, authorities say

A Flowery Branch man accused of masterminding a $165 million cryptocurrency Ponzi scheme is back in the United States after federal authorities say he fled more than 7,000 miles to Fiji while investigators closed in.

Edward Zimbardi, 59, is facing federal wire fraud and money laundering charges in a case being prosecuted out of the Northern District of Georgia. Prosecutors say Zimbardi persuaded thousands of people to invest in what he called "The Crypto Program," promising enormous returns before the operation collapsed in 2023.

The Flowery Branch resident was deported from Fiji on Friday, Aug. 14, following coordination between Fijian authorities, the FBI and U.S. Department of State.

He was expected to make his first federal court appearance in Los Angeles on Monday before proceedings eventually move back to Georgia.

Federal prosecutors say Zimbardi created and promoted The Crypto Program between June 2022 and August 2023.

Through websites and promotional videos, Zimbardi allegedly advertised so-called advertising packages that guaranteed investors a 25% return every month. Investors were encouraged to purchase the packages by transferring cryptocurrency into digital wallets that prosecutors say Zimbardi secretly controlled.

Thousands of investors ultimately sent more than $165 million into those wallets, according to the U.S. Attorney's Office.

But prosecutors say the money did not go where investors were told. 

Instead, Zimbardi allegedly put more than $34 million into risky foreign currency trades and lost a substantial amount of it. Authorities say he then used money from newer investors to pay earlier participants, a hallmark of a Ponzi scheme.

Federal investigators also allege at least $10 million was spent on personal expenses, including a home for Zimbardi's son, luxury vehicles and alimony payments to his ex-wife.

From Flowery Branch to Fiji

Prosecutors say the scheme collapsed in August 2023, leaving investors unable to recover their money.

Zimbardi then traveled through Hawaii, Fiji and other locations around the world, according to federal authorities.

By July 2025, prosecutors allege Zimbardi knew the FBI was investigating him and fled to Fiji, where he remained for more than a year. Authorities say he even canceled plans to attend his son's wedding in Virginia in May after correctly suspecting FBI agents would be waiting to arrest him.

A federal grand jury indicted Zimbardi on July 8 on 12 counts of wire fraud, 12 counts of money laundering and one count of conspiracy to commit money laundering. Prosecutors are seeking to keep him in federal custody as the case proceeds in the Northern District of Georgia.

Crypto fraud has cost Georgians hundreds of millions

The case adds another metro Atlanta connection to a form of fraud that has already cost Georgians hundreds of millions of dollars.

CBS News Atlanta recently reported that Georgia recorded more than $420 million in reported cryptocurrency fraud losses, according to a BrokerChooser analysis of 2024 FBI data. 

The analysis ranked Georgia among the five states with the highest total reported crypto losses. 

And the losses are not limited to massive alleged operations like the one prosecutors have tied to Zimbardi.

In July, CBS News Atlanta reported on a Cobb County couple who lost roughly $800,000 in a sophisticated cryptocurrency scam, one example of how criminals are increasingly combining digital assets with newer tools such as artificial intelligence, impersonation and fake investment platforms. 

The cases underscore a problem federal investigators have repeatedly warned about: once cryptocurrency is transferred into a scammer-controlled wallet, recovering that money can be extremely difficult.

FBI looking for potential victims

Federal investigators are now asking anyone who invested in The Crypto Program to provide information to the FBI. The agency says victims may later be contacted about documentation necessary for potential restitution.

The FBI Atlanta Field Office is investigating the case with assistance from federal, state and international agencies, including the Securities and Exchange Commission, Commodity Futures Trading Commission, Georgia Secretary of State's Office and authorities in Fiji.

Zimbardi has only been charged with crimes. He is presumed innocent unless proven guilty beyond a reasonable doubt.