A federal jury convicted Brent Kovar of 15 fraud and money-laundering counts after obtaining $24 million from at least 400 investors between late 2017 and July 2021. The scheme exploited false promises of annual returns of 15% to 30% guaranteed by AI-powered cryptocurrency mining operations. Kovar diverted investor funds for company expenses, employee gifts, personal property acquisition, and selective repayments presented as mining proceeds. Sentencing is scheduled for November 30, with a potential maximum sentence of 280 years in prison.
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