TheCryptoDesk

“Crypto Firm Executive Allegedly Bribed Police for Confidential Info in Extortion Scheme”

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Allegations Against Adam Iza

Federal prosecutors have filed serious allegations against Adam Iza, the owner of the cryptocurrency trading platform Zort, Inc. Iza is accused of bribing deputies from the Los Angeles Sheriff’s Department (LASD) to gain access to confidential information, which he allegedly used to extort a victim for their cryptocurrency holdings. The accusations were detailed in an FBI affidavit submitted to a federal court in Los Angeles on September 23, 2024, and made publicly available three days later.

Bribery and Coercion Claims

According to the affidavit, Iza reportedly paid three LASD deputies with the intention of unlawfully acquiring confidential police data. Iza, who is also known by the aliases Ahmed Faiq and “The Godfather,” allegedly boasted about his significant payments, claiming that he was paying the deputies approximately $280,000 per month. The illicit information obtained was allegedly used to intimidate an individual known as E.Z, coercing them into surrendering a laptop that contained valuable cryptocurrency assets.

Background of the Case

The genesis of the allegations against Iza dates back to November 2021, when the Riverside County Sheriff’s Department documented a troubling encounter involving Iza and E.Z. The two had a prior relationship that stretched over two years, having previously collaborated on crypto ventures. A police report describes a specific incident where, after a food stop during a drive together, Iza and E.Z. were approached by an SUV with two armed men. One of the armed individuals ordered E.Z. to enter the vehicle. However, E.Z. managed to escape and contacted law enforcement, expressing concern that Iza was attempting to abduct him to access his cryptocurrency holdings.

Details of the Encounter

When law enforcement arrived at the scene, Iza presented a different narrative, claiming that E.Z. had agreed to pay him $300,000 for cryptocurrency. Iza asserted that he was forced to call his bodyguards due to suspicions that E.Z. was attempting to rob him. Further investigations revealed that the two armed men were former LASD deputies. One admitted to acting on Iza’s call for help, stating that he pulled out his weapon because he believed E.Z. was armed. However, the reality was that E.Z. only possessed an electric screwdriver at that moment.

Illegal Activities Uncovered

The investigation took a darker turn as it was revealed that Iza had employed a private investigator, known as K.C. This individual claimed that Iza had sent him photos of sensitive law enforcement documents, including a GPS search warrant that targeted E.Z.’s phone number. The FBI later confirmed that an LASD deputy who allegedly received payments from Iza had indeed issued a search warrant that included E.Z.’s number, despite the case having no direct relation to him.

Financial Transactions and Further Allegations

Prosecutors allege that Iza channeled payments to the LASD deputies through Zort, as well as through businesses owned by his former girlfriend. These transactions were reportedly substantial, sometimes reaching up to $200,000. However, the accusations do not stop at bribery and extortion. Another individual interviewed by the FBI claimed that Iza and E.Z. unlawfully entered their residence, with Iza impersonating an FBI agent during the confrontation. In this incident, it is alleged that Iza stole a laptop containing cryptocurrency and held the victim at gunpoint while demanding access to the device’s password.

Current Legal Charges

As a result of these serious accusations, Adam Iza now faces multiple legal challenges, including conspiracy against rights, tax evasion, and failure to report income. Prosecutors argue that Iza concealed the receipt of tens of millions of dollars and did not file any income tax returns for the years 2020 to 2022, further complicating his legal dilemma. The case continues to unfold, shedding light on the alleged intertwining of cryptocurrency dealings and criminal activity.

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