A prominent figure in the cryptocurrency world, often referred to as “The Godfather,” and a deputy from the Los Angeles County Sheriff’s Department have decided to admit guilt for federal offenses.
As a legal analyst, I can confirm that the accusations encompass conspiracy to infringe upon civil rights, wire fraud, and tax-related offenses, as stated by the U.S. Attorney’s Office in Los Angeles.
24-year-old Adam Iza and 41-year-old Deputy Eric Chase Saavedra from the Los Angeles County Sheriff’s Department could potentially spend time in prison due to their participation in a plan that involved threatening, blackmailing, and misusing law enforcement authority to single out victims.
In September 2024, Iza, a former resident of upscale areas such as Bel Air and Newport Coast, was taken into custody. Saavedra, the owner of a private security firm, utilized his background in law enforcement to aid Iza while in custody.
Extortion, robbery, and tax evasion
According to court records, it’s been uncovered that Iza was employing off-duty law enforcement officers for around $100,000 per month. Their role was to serve as enforcers, targeting both his professional adversaries and personal competitors.
Court records show that Iza has been hiring off-duty police officers for up to $100,000 a month, using them as enforcers against his business and personal opponents.
Or:
It’s been disclosed through court documents that Iza was paying off-duty deputies $100,000 monthly to act as enforcers targeting both his professional and personal adversaries.
Working regularly for Iza via his security business, Saavedra often delved into restricted police records to retrieve personal details about Iza’s enemies. Additionally, he illegitimately acquired search warrants with false pretenses, using them to instill fear and perpetrate theft.
A warrant, incorrectly linked to an investigation regarding firearms, helped Saavedra track down an individual who was thought to have a computer with $100 million in cryptocurrency. In January 2022, Iza organized an unsuccessful heist to obtain the laptop. When the owner refused, Iza shared a video of the attempted theft at a later time.
In a separate occurrence, Iza employed armed deputies to coerce a victim into moving $25,000 from their bank account, following which the victim was falsely imprisoned. The strategy also encompassed Iza illegally acquiring more than $37 million by hacking Facebook ad accounts for financial purposes.
In 2021, both Iza and Saavedra confessed to avoiding paying their due taxes. Specifically, Iza underpaid federal income taxes by over $6.7 million, whereas Saavedra did not declare an income of $373,146 that same year.
Iza might serve a maximum of 35 years in a federal penitentiary, whereas Saavedra is looking at a potential sentence of up to 13 years. Their first court hearings are anticipated in the near future.
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2025-01-20 18:22