Las Vegas Businessman Convicted of $24M Cryptocurrency Ponzi Scheme

A Las Vegas businessman has been convicted of operating a $24 million cryptocurrency Ponzi scheme.

Brent Kovar, owner of Profit Connect, used false claims about his company's profitability and use of artificial intelligence software to mine cryptocurrency and verify transactions.

Prosecutors alleged that Kovar obtained at least $24 million from 400 investors by promising fixed rates of return between 15% and 30%, while actually using investor money for personal expenses and repayments.

Kovar faces up to 280 years in federal prison, with sentencing scheduled for November 30. The FBI is urging any potential victims or those who know someone affected to submit a complaint to the Internet Crime Complaint Center.