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Crypto Godfather and Former Deputy Face Charges of Fraud and Extortion
A shocking revelation has emerged in the world of cryptocurrency, as a prominent crypto entrepreneur and a former Los Angeles County sheriff’s deputy have agreed to plead guilty to multiple federal charges related to fraud, extortion, and tax evasion.
The Department of Justice (DOJ) announced the plea agreements involving Adam Iza, a 24-year-old crypto trader, and Eric Chase Saavedra, a 41-year-old former law enforcement official. Both individuals face significant legal consequences for their alleged criminal activities.
According to the DOJ, Iza orchestrated the crimes using his platform, Zort, which allowed him to engage in illegal activities such as intimidation, financial fraud, and exploiting law enforcement powers. The investigation revealed that Iza hired off-duty deputies to act as enforcers against his business rivals, while Saavedra, a former deputy, used his position to facilitate these schemes.
Saavedra allegedly misused his access to sensitive databases, fabricated warrants, and provided critical information to aid Iza in his criminal endeavors. One egregious example of their illegal activities involved an armed attempt to steal a laptop believed to contain $100 million in cryptocurrency. Saavedra secured a fraudulent warrant claiming a firearms investigation, leading to the failed heist.
The crimes did not stop there. Iza is accused of defrauding Meta Platforms Inc. out of $37 million between 2020 and 2022. He allegedly accessed business accounts and used credit lines without authorization, further emphasizing his egregious financial misconduct. Meanwhile, Saavedra profited from his private security firm, Saavedra & Associates LLC, by employing off-duty deputies as personal enforcers for a staggering $100,000 monthly fee between 2021 and 2024.
To make matters worse, both individuals are also charged with tax evasion. Iza avoided paying $6.7 million in taxes for the year 2021, while Saavedra failed to report $373,146 in income generated from his illegal activities.
As a result of their guilty pleas, both defendants will face serious legal consequences. Iza, currently incarcerated, faces up to 35 years in prison, while Saavedra could receive a 13-year sentence.
The authorities have emphasized the gravity of these crimes and the need for accountability within the crypto sector and law enforcement agencies. The investigation highlights the risks associated with the misuse of power by those entrusted with protecting the public.
Both Iza and Saavedra are expected to appear in federal court in Los Angeles in the coming days, where they will face the consequences of their actions.
Source: cryptonewsland.com
