Las Vegas businessman faces 280 years over $24 million crypto Ponzi scheme

A federal jury has convicted Las Vegas businessman Brent Kovar of fraud and money laundering after prosecutors said his Profit Connect operation collected $24 million from at least 400 investors through false claims about cryptocurrency mining, investment returns and company reserves. Summary Brent Kovar was convicted of fraud and money laundering over a $24 million crypto Ponzi scheme. Profit Connect collected funds from at least 400 investors with promises of 15% to 30% annual returns. Prosecutors said investor money funded the business, personal purchases and repayments to earlier investors. Kovar faces a statutory maximum of 280 years in prison and is scheduled for sentencing on Nov. 30. The U.S. Attorney’s Office for the District of Nevada said on Aug. 24 that Kovar was found guilty after a nine-day trial on 11 counts of wire fraud, two counts of mail fraud and two counts of money laundering. He is scheduled to be sentenced on Nov. 30 and faces a statutory maximum penalty of 280 years in prison. Kovar owned Profit Connect from late 2017 through July 2021, presenting the Las Vegas company as a profitable operation that used artificial intelligence software running on a supercom...