Las Vegas businessman Brent C. Kovar was convicted by a federal jury of defrauding at least 400 investors of $24 million through a cryptocurrency investment scheme. As the owner of Profit Connect, he promised annual returns of 15 to 30 percent with a 100 percent money-back guarantee while claiming the company held hundreds of millions of dollars in crypto reserves. Investor funds were instead used to keep the company operating, purchase gifts for employees, and buy a house for himself. He was found guilty on 11 counts of wire fraud, two counts of mail fraud, and two counts of money laundering, facing a maximum sentence of 280 years in prison at his sentencing scheduled for November 30, 2026.
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