Adam Iza’s empire of crime is unraveling; his ex-girlfriend, Iris Ramaya Au, has pleaded guilty to tax fraud, exposing new layers of corruption in the crypto world. Au admitted to failing to report more than $2.6 million in illicit earnings linked to Iza’s wide-ranging criminal schemes, adding yet another layer of scandal to the already explosive case.
On March 5, the U.S. Department of Justice (DOJ) announced that Au had pleaded guilty to filing a false tax return, acknowledging her role in concealing millions in illicit funds. The fraudulent income stemmed from Iza’s elaborate schemes, which ran between 2020 and 2024, including fraudulently obtaining and selling Facebook and Meta advertising accounts, credit fraud, and bribery.
“Iza obtained millions of dollars of unreported income as a result of these schemes,” the DOJ stated.
As part of Iza’s criminal operations, Au helped set up shell corporations and open bank accounts to move and launder the illegally obtained money. She then used these funds for extravagant personal spending, including:
- $1 million in bribes to Los Angeles County deputies.
- Luxury real estate, high-end cars, jewelry, and designer clothing.
- $10 million in recreational activities.
- $16 million in cryptocurrency investments.
Inside the Downfall of Crypto’s ‘Godfather’
Iza, who also founded the Zort crypto trading platform, pleaded guilty in January 2024 to multiple charges, including conspiracy against rights, wire fraud, and tax evasion. His admission exposed the depth of his illicit dealings, which extended beyond financial fraud to outright corruption of law enforcement officials.
“Iza paid off deputies at the Los Angeles County Sheriff’s Department for private security and even requested search warrants and confidential law enforcement information to target his financial and personal rivals,” the DOJ revealed.
These revelations paint a picture of a shadowy, multi-layered criminal network, where cryptocurrency, fraud, and law enforcement bribery intersected in an unprecedented manner.
As part of her plea deal, Au admitted to transferring over $2.6 million into her personal accounts between 2020 and 2023, fully aware that these funds were tainted by Iza’s criminal empire. She now faces up to three years in federal prison, a significantly lighter sentence compared to Iza, who could serve up to 35 years behind bars.
Iza’s sentencing is set for June 16, 2024, and legal analysts predict that his extensive criminal record and large-scale fraud will weigh heavily against him in court.
Crypto and Financial Crime
The downfall of Adam Iza and Iris Ramaya Au is just the latest in a string of high-profile crypto-related legal battles. The intersection of cryptocurrency and financial crime has drawn increasing scrutiny from U.S. regulators and law enforcement agencies, reinforcing the narrative that the industry still has deep vulnerabilities to fraud and money laundering.
With more cases like this emerging, authorities are likely to tighten regulations and intensify investigations into digital asset markets, especially those operating in shady, unregulated territories.
Final Takeaway
As governments ramp up enforcement actions, the Iza-Au case serves as a stark warning to others engaging in crypto-related fraud. While blockchain technology offers financial freedom, it also presents unparalleled risks, and when combined with traditional financial crimes, it becomes a high-stakes game with serious legal consequences.
The question remains: Will cases like this push regulators to crack down harder on crypto platforms, or will they merely expose individuals who abuse the system for personal gain? The answer may shape the future of digital asset regulation worldwide.
