A Los Angeles crypto entrepreneur, who went by the name “The Godfather,” allegedly impersonated the Federal Bureau of Investigation (FBI) to steal crypto at gunpoint.
During the 2018 robbery, Adam Iza allegedly stole a laptop containing the cryptocurrency, held a person known as “Victim T.W.” and his girlfriend at gunpoint, and demanded the passwords for the laptop in order to access the cryptocurrency.
Iza was arrested earlier this week and stands accused of conspiracy and tax evasion. He’s set to appear before a California district judge on October 8, according to court filings.
He used to run a cryptocurrency trading platform known as Zort, which billed itself “as an automated cryptocurrency trading platform powered by artificial intelligence.”
The platform had an iOS and Android app and had been covered by multiple popular crypto outlets. Its website and social channels are still operational at the time of writing.
As per the FBI complaint, Iza allegedly paid tens of thousands of dollars to the personal accounts of local Los Angeles Sheriff Police (LASPD) offices “in return for their commission of unlawful acts in their capacity as law enforcement officers.” One payment to an LAPD officer, sent from Zort’s business account, totaled $154,933.
These acts may have included harassing his enemies and carrying out arrests and searches.
According to the filing, Iza is accused of having paid police officers to harass his enemies and carry out searches. In several instances, he’s accused of sending intimidating text messages and asking to have a personal enemy arrested on drug charges.
Crypto Was Involved in 87% of All Investment Fraud in 2023, Says FBI
Investment fraud in the United States hit an all-time high in 2023, with losses skyrocketing to $4.57 billion, with cryptocurrency-related scams emerging as the primary driver. According to U.S. Federal Bureau of Investigation’s latest annual report, crypto was involved in a record 87% of all losses and totaled $3.96 billion. AThat represents a dramatic increase from $3.3 billion in 2022 and a staggering 18 times increase from $253 million lost in 2018, according to the FBI. The law enforcement...
In September 2021, a person identified as “Victim R.C.” was pulled over by an LAPD Deputy and arrested due to the possession of narcotics, and his home was later raided. The victim claims he was unaware of the substances.
“Victim R.C.,” who said they worked with Iza as an event planner, was also sent a photo of his CLETS report, a type of background check, with an LAPD ID card in the frame of the photo.
The Zort founder has also been accused of hiding thousands of dollars in tax from authorities by using a web of shell companies and co-conspirators.
Crypto-Friendly New York Mayor Eric Adams Indicted in Corruption Probe
On Wednesday, New York City Mayor Eric Adams was indicted on federal criminal charges following a lengthy corruption probe that started over two years ago. The indictment, which remains sealed, makes Adams the first sitting city mayor to face such charges, according to a New York Times report. Launched in 2021 by the FBI and federal prosecutors in Manhattan, the federal probe focuses on Adams' 2021 mayoral campaign and possible connections to illegal foreign donations. Specifically, investigat...
As per the FBI complaint, he is estimated to have evaded approximately $1,715,196 in federal taxes and did not report any taxes between 2020 and 2022.
He allegedly used the proceeds of the tax evasion to buy “numerous luxury vehicles, rent payments for a Bel Air mansion, cosmetic surgery to extend the length of his legs, and numerous other luxury expenditures.”
The LAPD has yet to issue an official comment on the news. However, the LA Times reported that several Los Angeles County Sheriffs were relieved of duty earlier this week as a result of a Federal investigation.
Edited by Stacy Elliott.
