Georgia securities regulators have slammed the brakes on an Atlanta-area man they say is behind an international cryptocurrency Ponzi scheme, issuing an emergency order while they try to track him down. The action targets Edward “Ed” Zimbardi, bans him from working as an investment adviser or selling securities, and stacks roughly $1.5 million in fines on him and companies tied to the program.
According to WSB‑TV, the emergency order was signed by Georgia’s securities division, which says it has information indicating Zimbardi may still be running similar operations overseas. Channel 2 Action News, which has been digging into the case for years, reports that authorities consider him a flight risk while civil and regulatory cases play out.
Regulators had flagged the program for years
California’s Department of Financial Protection and Innovation issued a Desist & Refrain order against CryptoProgram and Zimbardi in June 2023, finding the offering operated as an unregistered securities scheme. DFPI records show the agency ordered the program to shut down.
In early 2023, British Columbia’s securities watchdog placed CryptoProgram on its investment-caution list. BCSC guidance links Zimbardi to several Georgia entities, some of which were later administratively dissolved, and Georgia Secretary of State records list him as a registered agent for those businesses.
Civil suit alleges investor losses
A federal civil lawsuit filed in July 2025 in the U.S. District Court for the Northern District of Georgia accuses Zimbardi of misleading investors and seeks damages over alleged losses. PacerMonitor filings show the complaint was brought by an investor who claims promised monthly returns never materialized and that significant funds disappeared.
Arrested overseas in 2024, now at large
Dutch authorities arrested Zimbardi in the Netherlands in March 2024 on suspicion of money-laundering-related activity. He was later released, and officials now say they do not know exactly where he is. WSB‑TV reported the arrest at the time and now says investigators believe he may be operating from abroad.
What victims should do
Investigators are urging anyone who believes they lost money to the scheme to hang on to all records, save emails and messages, and report their losses to state and federal authorities. That includes contacting the Georgia Secretary of State’s Securities Division, California’s DFPI, and filing complaints with the FBI’s Internet Crime Complaint Center.
The Georgia Secretary of State offers contact information for the Securities Division and resources for reporting suspected investment fraud. Complaints and evidence can also be submitted to DFPI and through the FBI’s IC3 portal.
