Zort founder and former Los Angeles police officer plead guilty to conspiracy, tax evasion

Odaily Planet Daily News According to documents from the U.S. Department of Justice (DOJ), Adam Iza, founder of the crypto trading platform Zort, and former Los Angeles police officer Eric Chase Saavedra pleaded guilty to multiple charges, including conspiracy, tax evasion, and civil rights violations. The Department of Justice said Iza carried out a scheme involving fraud, intimidation, and extortion against several victims in the Los Angeles area. His accomplice Saavedra abused law enforcement resources to assist Iza's actions. According to prosecutors, Iza has been in federal custody since September 2024 and could be sentenced to up to 35 years in prison. Saavedra has resigned from the Los Angeles Police Department and could be sentenced to up to 13 years in prison. Both will be tried in the Los Angeles federal court. Last September, the FBI accused the founder of the crypto trading platform Zort of being involved in cryptocurrency fraud and bribing corrupt law enforcement officials. The FBI said that Adam Iza, the operator of the cryptocurrency trading platform Zort, was suspected of paying three Los Angeles sheriff's deputies to obtain information about robbery targets, and Adam Iza paid the police $280,000 a month. The FBI said in its complaint that Adam Iza amassed wealth through shell companies, used the funds for lavish spending, concealed tens of millions of dollars in income from 2020 to 2022, and failed to declare any income taxes.