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Las Vegas Businessman Kovar Faces 280 Years for $24M Crypto Fraud

Guavy AI Editorial Team
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Brent C. Kovar, a Las Vegas businessman, has been convicted of fraudulently obtaining $24 million from at least 400 investors through his cryptocurrency company, Profit Connect.

Kovar was found guilty on 11 counts of wire fraud, two counts of mail fraud and two counts of money laundering. He faces a statutory maximum of 280 years in prison.

The scheme involved Kovar marketing the firm as a profitable venture that used artificial intelligence software to mine crypto and verify transactions.

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