Adam Iza, a 26-year-old figure in the cryptocurrency sector who referred to himself as the “Godfather,” has been sentenced to 78 months in prison for a scheme tied to more than $37 million defrauded from Meta, along with the use of off-duty Los Angeles County Sheriff’s Department deputies to harass rivals in personal disputes. The court also ordered him to pay $23.4028 million in restitution. The new sentence will run concurrently with a previous 15-year prison term Iza received for attempting to rob Bitcoin, meaning the latest ruling will not extend the total time he is expected to serve.
According to Decrypt, the conduct in the Meta-related case ran from December 2020 to sometime in 2022. During that period, Iza obtained Meta business manager accounts and their associated lines of credit, then resold them to advertising firms. The result, according to the report, was that Meta customers were billed for advertisements they did not purchase. Prosecutors said he generated at least $36.3608 million in revenue through company accounts, caused a $13.2862 million loss to the Internal Revenue Service, concealed his ownership of Zort, and moved company proceeds through a cryptocurrency custody firm. Five former Los Angeles County Sheriff’s Department deputies were also convicted in connection with the activity.
Adam Iza, a 26-year-old cryptocurrency figure who called himself the “Godfather,” was sentenced to 78 months in prison for hiring off-duty Los Angeles County Sheriff’s Department deputies to harass rivals in personal disputes, defrauding Meta out of more than $37 million, and concealing proceeds through a cryptocurrency custody firm.
The court also ordered Iza to pay $23.4028 million in restitution.
Iza had already been sentenced to 15 years in prison in a separate case tied to an attempted Bitcoin robbery. The 78-month sentence in the Meta case will run concurrently with that earlier term, so it will not increase the total time he is expected to serve.
How the Meta scheme operated
According to Decrypt, from December 2020 through 2022, Iza obtained Meta business manager accounts and their associated lines of credit, then resold them to advertising companies. That led to Meta customers being charged for advertisements they had not purchased.
Prosecutors said he brought in at least $36.3608 million through company accounts during the scheme.
Tax loss and concealed ownership
The case also said Iza caused a $13.2862 million loss to the U.S. Internal Revenue Service, concealed his ownership of Zort, and transferred company revenue to a cryptocurrency custody firm.
Former deputies also convicted
Five former Los Angeles County Sheriff’s Department deputies were convicted for taking part in the related activity.
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