ATLANTA, Ga. (Atlanta News First) — Authorities at the federal level have identified a man from metro Atlanta as the key figure in a purported multimillion-dollar cryptocurrency Ponzi scheme that misled thousands of investors.
The U.S. Department of Justice has charged Edward Zimbardi of Flowery Branch, accused of misappropriating $165 million from around 6,000 investors who believed they were contributing to a cryptocurrency marketing initiative. Investigators claim he diverted these funds to purchase a residence, acquire luxury cars, and fulfill alimony payments to his former wife.
Federal prosecutors indicated that Zimbardi absconded from the U.S. last year, only to be located later in Fiji.
“Zimbardi is said to have exploited the trust of individuals through an intricate scheme designed to extract their hard-earned cash, reportedly escaping over 7,300 miles away to the South Pacific,” stated Marlo Graham, special agent in charge of the FBI Atlanta office. “Fraudsters are using every tactic possible to deceive people, but the FBI is committed to ensuring they don’t succeed, regardless of where they hide.”
Last week, Zimbardi was returned to the United States. He now faces wire fraud charges that could result in decades of imprisonment if he is found guilty.
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