Serial fraudster Edward “Ed” Zimbardi has been fined $500,000 by the Georgia Commissioner of Securities.
Zimbardi’s companies IMG and CryptoProgram have each also been fined $500,000.
Zimbardi’s Georgia fines follows news of an
active investigation by the Georgia Securities Division
in February 2024.
From an Emergency Order issued by the Georgia Commissioner of Securities on February 19th;
Since at least 2021, Zimbardi has promoted illegal investment schemes in the from of unregistered commodities and securities products.
Through IMG, Zimbardi accepted investments into an illegal commodity trading scheme wherein investors were led to believe they would split profits with forex traders.
After this IMG scheme collapsed, Zimbardi went back to investors with the CryptoProgram, an unregistered investment contract pyramid scheme.
BehindMLM
reviewed CryptoProgram
in January 2023, correctly identifying it as a Ponzi scheme.
Other Zimbardi fraudulent schemes the Georgia order identifies include AMS,
AMSYS
, AdMediaSpend, MacrogroupX, Forex 50/50 PAMM and IMGFX.
Despite regulatory action taken by multiple jurisdictions, Zimbardi continues to perpetuate financial scams, sell and promote unregistered securities, and perform unregistered investment advisor and unregistered broker-dealer activity.
The Commissioner’s order warns Zimbardi’s perpetuation of fraud poses a threat to “Georgia’s investing public”.
Citing unregistered sale of securities, unregistered broker dealer and broker dealer agent activity, unregistered investment advisor and investment advisor representative activity and fraud and misrepresentation, the Commissioner’s order directs Zimbardi, IMG and Crypto Program to cease violating Georgia’s Uniform Securities Act.
Zimbardi is additionally prohibited from association with any broker-dealer or investment adviser.
Zimbardi fled the US after
CryptoProgram and its Amsys Ponzi reboot collapsed in mid 2023
.
In March 2024
Zimbardi was arrested on criminal charges in the Netherlands
. For reasons that remain unclear, Dutch authorities released Zimbardi after interrogating him.
Zimbardi promptly disappeared again. His current whereabouts and status remain unknown.
BehindMLM last came across Zimbardi in 2024, in connection with
Nelo Life’s fraudulent trading scheme
.
A
February 28th report from WSB-TV 2
suggests US federal authorities are looking for Zimbardi.
The Secretary of State’s Office says it’s their understanding there are government agencies working on tracking Zimbardi down.
While not confirmed, it’s probable Zimbardi is wanted on a federal arrest warrant tied to a sealed indictment. Zimbardi’s Dutch criminal charges are believed to be standing pending re-arrest.
Total Ponzi losses attributable to Zimbardi are believed to run into the tens of millions at a minimum.
🤖 Quick Answer
Who is Ed Zimbardi and why was he fined by Georgia?Edward "Ed" Zimbardi is a serial fraudster fined $500,000 by the Georgia Commissioner of Securities. Since at least 2021, Zimbardi promoted illegal investment schemes through his companies IMG and CryptoProgram, both of which were also fined $500,000 each for offering unregistered commodities and securities products.
What were IMG and CryptoProgram in the Ed Zimbardi case?
IMG and CryptoProgram were companies operated by Ed Zimbardi to facilitate illegal investment schemes in Georgia. Through IMG, Zimbardi accepted investments into an illegal commodity trading scheme promising shared forex profits. After IMG collapsed, he launched CryptoProgram, another unregistered securities offering targeting previous investors.
When did Georgia authorities begin investigating Ed Zimbardi?
The Georgia Securities Division had an active
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