Serial securities fraud recevidist Ed Zimbardi is under investigation in Georgia.

As reported by WSB-TV on February 1st;

the state of Georgia’s securities division has an open and active investigation into Ed Zimbardi.

Zimbardi, a convicted felon, is known to BehindMLM as the owner of CryptoProgram.

CryptoProgram was an MLM crypto Ponzi scheme that collapsed in August 2023.

Zimbardi rebooted CryptoProgram as Amsys, only for that to also collapse shortly after launch.

After declaring he was “not interested” in hearing from his victims, Zimbardi stopped making public appearances towards the end of 2023.

Citing “jilted investors”, WSB-TV describes Zimbardi’s MLM companies as an “international Ponzi scheme” that “rak[ed] in millions”.

WSB-TV claims Zimbardi is currently promoting AdMediaSpend.

AdMediaSpend’s website is currently just an affiliate log in page.

A linked Privacy Policy pitches AdMediaSpend as “Private Membership club tailored for business operators … dedicated to safeguarding the privacy of our members.”

Whether Zimbardi is running AdMediaSpend is unclear. Typically MLM companies use terms like “private membership club” in an attempt to hide a scam.

In addition to Georgia, CryptoProgram attracted regulatory attention in California and Alberta, Canada.

According to WSB-TV, Zimbardi was convicted on theft related charges in Georgia over a decade ago. In 2015 Zimbardi settled EZJR securities fraud charges with the SEC.

Whether the SEC is investigating CryptoProgram, Amsys and Zimbardi is unknown.