Las Vegas Crypto Ponzi Scheme Mastermind Faces Up to 280 Years

A Las Vegas business owner has been convicted of running a massive $24 million crypto Ponzi scheme. Brent Kovar, who owned Profit Connect, was found guilty on multiple counts of fraud after a nine-day trial.

Kovar promised investors fixed annual returns ranging from 15% to 30%, as well as a 100% money-back guarantee. He claimed the company held hundreds of millions of dollars in crypto reserves and used artificial intelligence software running on a supercomputer to mine crypto and verify transactions.

However, prosecutors said none of these claims were true. The company was not profitable, and Kovar used investor funds to run daily operations and buy personal items, including a house for himself.

The scheme defrauded at least 400 investors, who believed they were investing in new technology. Kovar repaid earlier investors using funds collected from newer investors, presenting these repayments as if they came from crypto mining profits.