Federal authorities say a Flowery Branch man who fled to Fiji orchestrated a $165 million cryptocurrency Ponzi scheme that drew more than 6,000 investors before collapsing.
Edward Zimbardi, 59, was indicted July 8 on 25 federal counts: 12 counts of wire fraud, 12 counts of money laundering, and one count of money laundering conspiracy. After Fijian authorities deported him Aug. 14, Zimbardi appeared before a federal magistrate judge in Los Angeles and is expected to face further proceedings in Georgia.
Prosecutors say Zimbardi promoted “The Crypto Program” from June 2022 through August 2023 as a way to buy online advertising packages while earning a guaranteed 25% monthly return. Investors were directed to send cryptocurrency to wallets he allegedly controlled. A Federal Bureau of Investigation (FBI) victim questionnaire says the program later operated under the name Amsys and accepted cash and wire payments.
Instead of purchasing advertising, Zimbardi allegedly placed more than $34 million in risky foreign currency trades and lost substantial sums. Authorities say he used newer investments to pay earlier participants and spent at least $10 million on personal expenses, including luxury vehicles, alimony, and a house for his son.
The operation collapsed in August 2023. Prosecutors say Zimbardi fled to Fiji in July 2025 after learning of the FBI investigation and later canceled plans to attend his son’s Virginia wedding because he suspected agents would arrest him there.
California regulators had already issued a cease-and-desist order against Zimbardi in June 2023 over alleged securities violations. The Atlanta Journal-Constitution reported that a Canadian investor separately sued him, claiming she lost nearly $263,000.
The FBI is asking potential victims to submit information through its official form. Zimbardi has not been convicted. The indictment contains allegations, and prosecutors must prove each charge beyond a reasonable doubt.
