A federal jury convicted Brent Kovar, owner of Profit Connect in Las Vegas, of orchestrating a $24 million crypto Ponzi scheme that defrauded at least 400 investors. He was found guilty of 11 counts of wire fraud, two counts of mail fraud and two counts of money laundering. Kovar falsely claimed that his company used artificial intelligence software on a supercomputer to mine cryptocurrency and offered guaranteed annual returns ranging from 15% to 30%. In reality, the company was not profitable, held no reserves, and Kovar used investor funds for personal expenses, purchasing a house for himself and repaying earlier investors. He faces a maximum sentence of 280 years and is scheduled to be sentenced on November 30.
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