The Duo Face Decades in Prison for Conspiracy, Extortion, and Tax Fraud
A cryptocurrency entrepreneur and a Los Angeles County Sheriff’s Department deputy have agreed to plead guilty to federal charges for their involvement in a scheme that violated the civil rights of multiple victims through extortion, intimidation, and misuse of law enforcement resources, the Justice Department announced.
Adam Iza, 24, a cryptocurrency businessman with residences in Beverly Hills and Newport Coast, and Eric Chase Saavedra, 41, an LASD deputy, have been charged with conspiracy against rights, wire fraud, and tax-related offenses. Both men admitted to using police powers to further criminal activities.
Iza, who has been in custody since September 2024, allegedly hired off-duty LASD deputies, including Saavedra, to act as his personal enforcers. Saavedra, assigned to LASD’s Operation Safe Streets Bureau and a former federal task force officer, used his credentials to access sensitive databases and secure search warrants under false pretenses.
Court documents reveal that Saavedra used his position to obtain personal information about Iza’s adversaries, facilitating a campaign of harassment and intimidation. One such instance involved Saavedra securing a fraudulent search warrant to locate a victim who Iza believed possessed a laptop with over $100 million in cryptocurrency. Armed individuals later attempted to break into the victim’s home, but the plot failed when the victim fired a gunshot.
The pair also engaged in other violent acts, including holding victims at gunpoint and forcing them to transfer funds. In one case, $127,000 was transferred to Iza under duress.
Beyond the conspiracy, Iza admitted to defrauding Meta Platforms Inc. out of $37 million by manipulating business manager accounts and credit lines. He also avoided paying $6.7 million in federal income tax in 2021. Saavedra failed to report $373,146 in income and filed a false tax return for the same year.
“The defendants profited handsomely by abusing the criminal justice system and trampling on victims’ civil rights,” said Akil Davis, Assistant Director in Charge of the FBI’s Los Angeles Field Office. U.S. Attorney Martin Estrada called the actions a betrayal of public trust and praised efforts to root out corruption.
Iza faces up to 35 years in federal prison, while Saavedra could receive up to 13 years. The FBI, IRS Criminal Investigation, and LASD assisted in the investigation.
