Serial fraudster Edward “Ed” Zimbardi has been fined $500,000 by the Georgia Commissioner of Securities.
Zimbardi’s corporations IMG and CryptoProgram have every additionally been fined $500,000.
Zimbardi’s Georgia fines follows information of an energetic investigation by the Georgia Securities Division in February 2024.
From an Emergency Order issued by the Georgia Commissioner of Securities on February nineteenth;
Since a minimum of 2021, Zimbardi has promoted unlawful funding schemes within the from of unregistered commodities and securities merchandise.
Via IMG, Zimbardi accepted investments into an unlawful commodity buying and selling scheme whereby buyers had been led to imagine they might break up income with foreign exchange merchants.
After this IMG scheme collapsed, Zimbardi went again to buyers with the CryptoProgram, an unregistered funding contract pyramid scheme.
BehindMLM reviewed CryptoProgram in January 2023, accurately figuring out it as a Ponzi scheme.
Different Zimbardi fraudulent schemes the Georgia order identifies embody AMS, AMSYS, AdMediaSpend, MacrogroupX, Foreign exchange 50/50 PAMM and IMGFX.
Regardless of regulatory motion taken by a number of jurisdictions, Zimbardi continues to perpetuate monetary scams, promote and promote unregistered securities, and carry out unregistered funding advisor and unregistered broker-dealer exercise.
The Commissioner’s order warns Zimbardi’s perpetuation of fraud poses a risk to “Georgia’s investing public”.
Citing unregistered sale of securities, unregistered dealer vendor and dealer vendor agent exercise, unregistered funding advisor and funding advisor consultant exercise and fraud and misrepresentation, the Commissioner’s order directs Zimbardi, IMG and Crypto Program to stop violating Georgia’s Uniform Securities Act.
Zimbardi is moreover prohibited from affiliation with any broker-dealer or funding adviser.
Zimbardi fled the US after CryptoProgram and its Amsys Ponzi reboot collapsed in mid 2023.
In March 2024 Zimbardi was arrested on legal prices within the Netherlands. For causes that stay unclear, Dutch authorities launched Zimbardi after interrogating him.
Zimbardi promptly disappeared once more. His present whereabouts and standing stay unknown.
BehindMLM final got here throughout Zimbardi in 2024, in reference to Nelo Life’s fraudulent buying and selling scheme.
A February twenty eighth report from WSB-TV 2 suggests US federal authorities are searching for Zimbardi.
The Secretary of State’s Workplace says it’s their understanding there are authorities companies engaged on monitoring Zimbardi down.
Whereas not confirmed, it’s possible Zimbardi is needed on a federal arrest warrant tied to a sealed indictment. Zimbardi’s Dutch legal prices are believed to be standing pending re-arrest.
Complete Ponzi losses attributable to Zimbardi are believed to run into the tens of thousands and thousands at a minimal.
