Las Vegas Man Convicted in $24M Crypto Ponzi Scheme Defrauding Over 400 Investors

Brent C. Kovar, owner of Las Vegas-based Profit Connect, was convicted of wire fraud and money laundering after running a $24 million cryptocurrency scheme.

Kovar promised investors an annual return of 15% to 30%, with a 100% money-back guarantee and claims that their funds were insured by the Federal Deposit Insurance Corporation (FDIC).

However, prosecutors said none of these claims were true. Profit Connect was not profitable, held no reserves, and had no ability to pay the returns it advertised.

Kovar used investor money to cover company operating costs, buy gifts for employees, and purchase a house for himself.