A cryptocurrency entrepreneur and a former Los Angeles County Sheriff’s Department (LASD) deputy have pleaded guilty to a slew of federal crimes, including conspiracy, civil rights violations, and tax evasion.
The Scheme Behind the Crimes
Adam Iza, 24, the self-proclaimed “crypto godfather” and founder of the Zort crypto trading platform, admitted to orchestrating a criminal enterprise involving extortion, fraud, and intimidation, according to the Department of Justice (DOJ).
His accomplice, Eric Chase Saavedra, 41, a former LASD deputy and task force officer, misused his law enforcement authority to assist Iza in targeting rivals and carrying out illegal operations.
Court documents reveal that Iza paid off-duty LASD deputies to act as personal enforcers. Saavedra used his credentials to access restricted law enforcement databases, fabricate false search warrants, and provide sensitive information to support Iza’s vendettas.
One striking example involved an attempt by Iza to steal a laptop he believed held over $100 million in cryptocurrency. In January 2022, Saavedra obtained a search warrant under false pretenses, claiming the target was involved in a firearms investigation. He then shared the victim’s location with Iza, who dispatched armed individuals to break into the victim’s home. The heist failed after the victim fired a warning shot, prompting Iza to send the victim a video of the botched robbery.
A Trail of Intimidation and Extortion
Prosecutors described a pattern of violent and coercive acts orchestrated by Iza and facilitated by Saavedra.
• In August 2021, LASD deputies reportedly detained a victim at gunpoint at Iza’s residence, forcing them to transfer $25,000.
• In October 2021, Iza personally held another victim at gunpoint, coercing them into transferring $127,000.
Saavedra operated a private security firm, Saavedra & Associates LLC, which employed off-duty deputies. Between 2021 and 2024, Iza allegedly paid Saavedra $100,000 per month for round-the-clock security.
Iza’s criminal activities also extended to financial fraud. Between 2020 and 2022, he reportedly defrauded Meta Platforms Inc., stealing more than $37 million by exploiting business accounts and credit lines.
Tax Evasion Adds to the Charges
Both Iza and Saavedra admitted to evading federal taxes. Iza avoided paying $6.7 million in taxes for 2021, while Saavedra failed to report $373,146 in income.
Facing Justice
Iza, who has been in federal custody since September 2024, faces a maximum sentence of 35 years in prison. Saavedra, who has since resigned from LASD, faces up to 13 years. Both are expected to appear in federal court in Los Angeles in the coming days.
In a statement, U.S. Attorney Martin Estrada condemned the actions of the defendants:
“The conduct admitted to in these plea agreements is deeply disturbing and cannot be tolerated. I am grateful for the cooperation of Sheriff Robert Luna and the Los Angeles County Sheriff’s Department in working with our office to root out corruption and uphold civil rights.”
The case sheds light on the dangers of corruption and abuse of authority, even in industries like cryptocurrency that thrive on innovation and trust.
