280 Years in Prison Looms for Las Vegas Businessman in Crypto Case

Brent Kovar promised 30% returns and a 100% money-back guarantee. He is now facing up to 280 years in prison. A federal jury has convicted Las Vegas businessman Brent C. Kovar of defrauding at least 400 investors of $24 million through a crypto investment scheme. Kovar owned Profit Connect, a Las Vegas-based company that operated from late 2017 through July 2021 and claimed to use artificial intelligence software on a supercomputer to mine crypto and verify transactions. Crypto Fraud Conviction According to the US Justice Department, Kovar falsely told investors that Profit Connect was profitable and could provide fixed annual returns of 15% to 30%, along with a 100% money-back guarantee. He also claimed the company was backed by hundreds of millions of dollars in crypto reserves. Prosecutors said Kovar knew those claims were false. Profit Connect was not profitable, had no crypto reserves, could not pay the promised returns, and had no legitimate way to provide the money-back guarantee. Instead, the businessman used money from investors to keep the company operating, purchase gifts for employees, and buy a house for himself. He also used the funds to repay other investors while ma...