A cryptocurrency entrepreneur and a Los Angeles County Sheriff’s Department (LASD) deputy have pleaded guilty to federal crimes, including conspiracy, civil rights violations, and tax evasion. The Department of Justice (DOJ) announced the plea agreements on Jan. 17, revealing that Adam Iza, 24, who referred to himself as the “crypto godfather” and founded the Zort crypto trading platform, led a scheme involving intimidation, extortion, and fraud. Eric Chase Saavedra, 41, a former LASD deputy and task force officer, misused law enforcement resources to facilitate Iza’s criminal activities.
Intimidation, extortion, and theft
Court documents allege that Iza used off-duty LASD deputies as enforcers to target business rivals and perceived threats. Saavedra, leveraging his law enforcement credentials, accessed confidential databases, fabricated search warrant affidavits, and abused his position to further Iza’s vendettas. In one case, Iza attempted to steal a laptop he believed contained over $100 million in cryptocurrency. Saavedra secured a search warrant in January 2022 under false pretenses, claiming the target was under investigation for firearms-related offenses. He provided the victim’s location to Iza, who then dispatched armed individuals to break into the victim’s home. The robbery attempt failed when the victim fired a warning shot, prompting Iza to send a video of the botched raid to intimidate the victim further.
In August 2021, LASD deputies allegedly held another victim at gunpoint at Iza’s home, forcing them to transfer $25,000. Two months later, Iza personally coerced someone else into transferring $127,000 while holding them at gunpoint. Iza’s criminal operations extended beyond extortion. From 2020 to 2022, he defrauded Meta Platforms Inc., stealing over $37 million by exploiting business accounts and credit lines. Both Iza and Saavedra admitted to tax-related crimes. Iza evaded $6.7 million in taxes for 2021, while Saavedra failed to report $373,146 in income. Saavedra also operated a private security firm, Saavedra & Associates LLC, employing off-duty deputies. Iza reportedly paid the firm $100,000 monthly between 2021 and 2024 for continuous security services.
Facing justice
Iza has been in federal custody since September 2024 and could face a maximum sentence of 35 years in prison. Saavedra, who resigned from LASD, faces up to 13 years. Both are scheduled to appear in federal court in Los Angeles in the coming days.
“The conduct admitted to in these plea agreements is deeply disturbing and cannot be tolerated,” said US Attorney Martin Estrada. “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.”
Conclusion
This case highlights the dangers of corruption and abuse of power, particularly when law enforcement officials are involved. It serves as a reminder of the importance of accountability and the need for stringent checks and balances to maintain public trust.
FAQs
Who are the main individuals involved in the case?
The case involves Adam Iza, a cryptocurrency entrepreneur, and Eric Chase Saavedra, a former LASD deputy.
What crimes have Iza and Saavedra pleaded guilty to?
They pleaded guilty to conspiracy, civil rights violations, extortion, fraud, and tax evasion.
What role did Saavedra play in the criminal activities?
Saavedra misused his position as an LASD deputy to access confidential information, fabricate search warrants, and assist Iza in targeting victims.
I am Toby Rothschild, Co-Founder of Spearmint and author at Coinography, and a strategist focused on advancing Web3 innovation, digital ecosystems, and the future of decentralized technology. I combine product thinking, creative leadership, and deep interest in emerging trends to help shape how individuals and organizations interact with the next generation of digital systems.
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