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Las Vegas Businessman Convicted in $24 Million Crypto Investment Scheme

Guavy AI Editorial Team
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A Las Vegas businessman has been convicted by a federal jury of defrauding at least 400 investors out of $24 million through a crypto investment scheme called Profit Connect.

Profit Connect operated from late 2017 to July 2021 and claimed to use artificial intelligence software on a supercomputer to mine crypto and verify transactions.

Kovar owned the company, which falsely presented its AI technology as a legitimate way to generate profits for investors.

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