A cryptocurrency businessman and a Los Angeles County Sheriff’s Department (LASD) deputy have admitted to federal crimes, including conspiracy, civil rights violations, and tax evasion.
The Department of Justice announced the plea agreements on Jan. 17, stating that Adam Iza, 24, who dubbed himself the “crypto godfather,” founder of the Zort crypto trading platform, orchestrated a scheme involving intimidation, extortion, and fraud.
Eric Chase Saavedra, 41, a former LASD deputy and task force officer, misused law enforcement resources to aid Iza’s illegal activities.
Court documents allege that Iza employed off-duty LASD deputies as personal enforcers to target business rivals and perceived threats. Saavedra, leveraging his credentials as a deputy and a task force officer with the US Marshals Service, illegally accessed sensitive law enforcement databases, fabricated search warrant affidavits, and misused his badge to aid Iza’s vendettas.
In one instance, Iza sought to steal a laptop he believed held more than $100 million in cryptocurrency.
Prosecutors allege Saavedra secured a search warrant in January 2022 under false pretenses, claiming the target was involved in a firearms investigation. Saavedra provided the victim’s location to Iza, who sent armed individuals to break into the victim’s home.
The attempt failed when the victim fired a warning shot, after which Iza reportedly sent the victim a video of the botched robbery.
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Intimidation, extortion and theft
Prosecutors outlined several other violent acts linked to the scheme.
In August 2021, LASD deputies allegedly held a victim at gunpoint at Iza’s residence, forcing a $25,000 bank transfer. In October 2021, Iza personally coerced another victim into transferring $127,000 while holding them at gunpoint.
Saavedra also operated a private security firm, Saavedra & Associates LLC, which employed off-duty deputies. Iza reportedly paid $100,000 monthly between 2021 and 2024 for round-the-clock security.
Beyond the alleged extortion racket, Iza’s operations extended to financial fraud. Between 2020 and 2022, he is accused of defrauding Meta Platforms Inc., stealing over $37 million by accessing business accounts and associated credit lines.
Both Iza and Saavedra also admitted to federal tax crimes. Iza allegedly evaded $6.7 million in taxes for 2021, while Saavedra failed to report $373,146 in income.
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Facing justice
Iza, who has been in federal custody since September 2024, could face up to 35 years in prison. Saavedra, who resigned from LASD, faces up to 13 years. Both are expected 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.”
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