Las Vegas Businessman Convicted in $24M Crypto Scam
A Las Vegas businessman, Brent C. Kovar, has been convicted of running a $24 million cryptocurrency scam that targeted at least 400 investors.
Profit Connect, the company founded by Kovar, promised AI-powered crypto returns with annual rates ranging from 15% to 30%, and a 100% money-back guarantee.
However, prosecutors said those assurances were built on false claims, and that Profit Connect was not profitable and had no legitimate way to deliver the promised returns or guarantees.
The company used investor funds to keep itself operating, purchase gifts for employees, buy a house for Kovar, and repay earlier investors.
Kovar faces a combined statutory maximum of 280 years in prison, but the actual sentence will be determined by a federal judge on November 30, 2026.