A federal jury in Las Vegas convicted Brent Kovar of defrauding at least 400 investors of $24 million through his company Profit Connect. From late 2017 to July 2021, he promised fixed annual returns of 15% to 30%, a full money-back guarantee, and hundreds of millions of dollars in crypto reserves, while knowing the company was unprofitable and unable to meet its obligations. Investor money was used to run the business, buy employee gifts and purchase a house for Kovar. He also falsely claimed investor funds were insured by the FDIC. Kovar was convicted on 11 counts of wire fraud, 2 counts of mail fraud and 2 counts of money laundering, facing a statutory maximum of 280 years when sentenced on November 30.
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