Atlanta, GA – February 21, 2026 Serial fraudster Edward “Ed” Zimbardi has been hit with a $500,000 fine by the Georgia Commissioner of Securities. His companies, IMG and CryptoProgram, each received an additional $500,000 penalty, bringing the total to $1.5 million.
The emergency order, issued on February 19, 2026, accuses Zimbardi of promoting illegal, unregistered investment schemes since at least 2021.
Through IMG, Zimbardi reportedly convinced investors to fund a commodity trading program where they would share profits with forex traders. When that collapsed, he allegedly returned with CryptoProgram, described as an unregistered pyramid scheme and investment contract.
BehindMLM first flagged CryptoProgram as a Ponzi scheme in January 2023. The Georgia order also lists other Zimbardi-linked programs: AMS, AMSYS, AdMediaSpend, MacrogroupX, Forex 50/50 PAMM, and IMGFX.
Despite warnings and actions from multiple jurisdictions, Zimbardi is accused of continuing to sell unregistered securities and act as an unregistered broker-dealer and investment adviser. The order bans him from any association with broker-dealers or investment advisers and requires him, IMG, and CryptoProgram to stop violating Georgia’s Uniform Securities Act.
Georgia officials warn that Zimbardi’s activities pose a serious threat to the state’s investing public.
Zimbardi fled the United States after CryptoProgram and its AMSYS reboot collapsed in mid-2023. He was arrested in the Netherlands in March 2024 but was released after questioning. His current location remains unknown.
A February 28, 2026, report from WSB-TV indicates U.S. federal authorities are actively searching for him. Sources close to the case believe he may be subject to a sealed federal indictment, with Dutch charges still pending.
Total losses linked to Zimbardi’s schemes are estimated in the tens of millions of dollars.
The Georgia Secretary of State’s Office advises anyone who invested with Zimbardi or his companies to contact authorities immediately. This case serves as a reminder of the risks associated with unregistered crypto and forex investment opportunities.
For official details, refer to the Georgia Commissioner of Securities emergency order or contact the Georgia Secretary of State’s Securities Division.
