Dutch authorities released Ed Zimbardi after interrogating him on suspicion of money laundering and offering illegal investment services. Zimbardi faces separate investigation in the United States for MLM crypto Ponzi fraud.
In the Netherlands, Zimbardi is a suspected accomplice to Corina de Jong. Prosecutors there allege Zimbardi helped de Jong defraud over 1,400 consumers by laundering more than €56 million. The scheme, known as "Hebburn," promised investors a 10% monthly return. De Jong allegedly ran the Ponzi while Zimbardi handled the money.
The scheme funneled investor funds into Mugan Markets, a brokerage firm that Zimbardi controlled. Dutch publication FD reported that the Public Prosecution Service declined to comment on the ongoing investigation. Dutch authorities are reportedly collaborating with their U.S. counterparts.
Zimbardi's current status and whereabouts are unknown following his release. A YouTube video by Ponzi Patrol detailing Corina de Jong's arrest, previously referenced, has since been made private.