Iris Ramaya Au, the former girlfriend of self-proclaimed crypto “Godfather” Adam Iza, has pleaded guilty to charges related to tax fraud involving over $2.6 million in illicit funds.
This case sheds light on the intricate web of cryptocurrency fraud, implicating not only key figures in the crypto industry but also law enforcement officials.
The Rise and Fall of Adam Iza
Adam Iza, founder of the cryptocurrency trading platform Zort, was once a prominent figure in the crypto community. However, between 2020 and 2024, Iza orchestrated multiple illicit schemes, including fraudulently obtaining Facebook and Meta advertising accounts, leading to substantial unreported income. In January 2025, Iza pleaded guilty to charges of conspiracy against rights, wire fraud, and tax evasion.
Iris Ramaya Au’s Involvement
At Iza’s direction, Au established shell corporations and opened bank accounts under these entities. She utilized the illicit funds for various purposes, including bribing Los Angeles deputies, acquiring luxury real estate, vehicles, jewelry, and funding recreational activities valued at nearly $10 million. Additionally, approximately $16 million was invested in cryptocurrency.
Law Enforcement Corruption
The case further unveiled corruption within the Los Angeles County Sheriff’s Department. Iza admitted to bribing deputies to provide private security and to obtain search warrants and confidential information targeting individuals with whom he had disputes. Former Deputy Eric Chase Saavedra, implicated in these activities, also pleaded guilty to multiple federal charges, including conspiracy, wire fraud, civil rights violations, and tax evasion.
Sentencing and Legal Ramifications
Au faces up to three years in federal prison for her role in the scheme, while Iza could receive a sentence of up to 35 years, with sentencing scheduled for June 16.
These proceedings highlight the severe legal consequences associated with cryptocurrency fraud and related financial crimes.
Broader Implications in the Crypto Industry
This case is part of a broader trend of increasing scrutiny and enforcement actions within the cryptocurrency industry. For instance, the Commodity Futures Trading Commission (CFTC) recently announced a crypto fraud action following a shift in enforcement priorities to focus on fraudulent activities.
Additionally, the Securities and Exchange Commission (SEC) has been reevaluating its approach to major crypto lawsuits, indicating a potential shift in regulatory strategies.
The guilty pleas of Adam Iza and Iris Ramaya Au underscore the complexities and risks associated with the rapidly evolving cryptocurrency landscape. As regulatory bodies intensify their efforts to combat fraud and protect investors, individuals involved in illicit activities face significant legal repercussions. This case serves as a cautionary tale, emphasizing the importance of transparency, compliance, and ethical conduct in the crypto industry.
