US Deports Man Accused of $165 Million Crypto Investment Fraud From Fiji
Summary
- Edward Zimbardi, the operator of The Crypto Program, was deported to the US over allegations of a $165 million digital-asset investment fraud.
- Zimbardi allegedly used false advertising that promised guaranteed 25% monthly returns, causing $165 million in losses for thousands of investors.
- Zimbardi allegedly used more than $34 million in investor funds for foreign-exchange trading, generating losses, and operated a Ponzi scheme that paid earlier investors with money from new ones.
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A man accused of carrying out a $165 million digital-asset investment fraud and fleeing overseas has been returned to the US.
The Block reported on Aug. 18 that Edward Zimbardi, the operator of the digital-asset investment program The Crypto Program, was recently deported from Fiji to the US.
Zimbardi had been a fugitive for more than a year. He was indicted on Aug. 8 on 12 counts of wire fraud, 12 counts of money laundering and one count of conspiracy to commit money laundering.
Prosecutors allege that from June 2022 to August 2023, Zimbardi promoted The Crypto Program through videos and websites while falsely promising investors guaranteed monthly returns of 25%.
Thousands of investors suffered losses totaling $165 million.
Prosecutors also accuse Zimbardi of using more than $34 million in investor funds for foreign-exchange trading, resulting in substantial losses. He is further accused of operating the business as a Ponzi scheme, using money from new investors to pay returns to earlier ones.
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