A crypto mogul known as “The Godfather” and a Los Angeles deputy are about to face some serious time after they pleaded guilty to a bunch of federal charges, including conspiracy, wire fraud, and tax evasion.
Those taking part in the shadowy scheme included extortion, intimidation, and abuse of law enforcement powers for personal gain, putting 24-year-old Adam Iza and 41-year-old LASD deputy Eric Chase Saavedra behind bars. Iza was previously used to hanging out in fancy neighborhoods such as Bel Air and was arrested this September 2024 while Saavedra was pulling strings with his private security company.
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Iza hired off-duty deputies, paying them up to $100K/month to intimidate his rivals.He used his badge to steal confidential police data and even procured sham search warrants against individuals. The most distressing of these was the attempted armed robbery in January 2022 to steal a $100M crypto laptop.
Iza defrauded millions, too, using hacked Facebook ads to finance their operations, and evaded more than $6.7M of taxes in 2021. Saavedra failed to report $373K in income that very same year.
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Iza is facing up to 35 years; Saavedra’s looking at up to 13. Both are expected in court in the next several days.