Crypto Scam Leader Faces 280 Years for Defrauding 400 Investors

A Las Vegas businessman faces up to 280 years in prison after being convicted of defrauding at least 400 investors of $24 million through a crypto investment scheme. Brent C. Kovar, owner of Profit Connect, claimed his company used artificial intelligence software on a supercomputer to mine crypto and verify transactions.

However, prosecutors said Kovar knew the claims were false, that the company was not profitable, had no crypto reserves, could not pay promised returns, and had no legitimate way to provide a 100% money-back guarantee. Instead, he used investor funds to keep his business operating, buy gifts for employees, and purchase a house for himself.

After a nine-day trial, the jury found Kovar guilty on 11 counts of wire fraud, two counts of mail fraud, and two counts of money laundering. He is scheduled to be sentenced on November 30, 2026.