Crypto Platform Founder Accused of Bribing Deputies in Elaborate Extortion Plot
Federal prosecutors have unsealed a criminal complaint against Adam Iza, also known as “Ahmed Faiq” and “The Godfather.” Iza, the operator of cryptocurrency trading platform Zort, faces charges of conspiracy against rights and evasion of tax assessments.
The complaint outlines a complex web of alleged criminal activities. Prosecutors accuse Iza of running an extensive extortion scheme that involved paying off Los Angeles County sheriff’s deputies to perform illegal searches and arrests. The affidavit alleges that Iza accumulated significant wealth through fraudulent means, including a Facebook advertising fraud scheme, and funneled money through shell companies to evade taxes.
Despite allegedly earning tens of millions of dollars between 2020 and 2022, Iza reportedly failed to file income tax returns or report any income during this period. The complaint states he attempted to evade the assessment of approximately $1.7 million in taxes for 2020, $6.7 million for 2021, and $3.6 million for 2022.
Prosecutors claim Iza used corporate accounts to fund a lavish lifestyle, including luxury vehicles, a $200,000 monthly rental for a Bel Air mansion, international travel, and even $64,000 on surgery to increase his height.
The affidavit details specific incidents of alleged criminal activity, including attempted kidnapping, robbery, and harassment of various individuals identified only by initials. In one instance, Iza is accused of robbing a victim while impersonating an FBI agent to steal a laptop containing cryptocurrency.
Prosecutors claim Iza bragged about paying $280,000 monthly to “active duty” law enforcement officers. The complaint describes how Iza allegedly used corrupt deputies to obtain sensitive information from law enforcement databases, conduct illegal searches, and make unwarranted arrests to further his extortion schemes. Financial records show payments of hundreds of thousands of dollars to several deputies.
Iza was arrested on September 23, just as he was reportedly planning to travel from Los Angeles to Zurich. The affidavit suggests that Iza had moved to Dubai in March 2023 and made several trips to Monaco, potentially to avoid U.S. law enforcement.
His attorney, Josef Sadat, maintains that “things aren’t what they seem to be” and that “the truth is going to come out.”
The case has sent shockwaves through the Los Angeles County Sheriff’s Department. Several deputies, including a detective from the department’s anti-gang unit, have been relieved of duty in connection with the federal investigation.
The department is fully cooperating with investigators, and said in a statement that the “egregious allegations” contradict their values and mission.
“Once we have all the details of this case, we will evaluate the actions internally to ensure that this behavior does not occur again,” the department wrote. The US attorney’s office has not commented on whether the implicated deputies will face charges.
Information for this story was found via the LA Times, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.