Las Vegas Man Convicted in $24M Crypto Ponzi Scheme Promising AI Supercomputer Returns

A Las Vegas man has been convicted of running a crypto Ponzi scheme that defrauded at least 400 investors out of $24 million. Brent Kovar, founder of Profit Connect, promised fixed returns of 20-30% per year, compounded monthly, through his AI supercomputer.

Kovar was found guilty on 11 counts of wire fraud, two counts of mail fraud, and two counts of money laundering after a nine-day trial. He faces sentencing on November 30, with a statutory maximum of 280 years in prison.

Prosecutors alleged that the fixed returns were manufactured rather than generated by any real trading or mining operation. Investor funds were diverted to a personal bank account and used to make Ponzi-like payments to earlier investors, as well as to buy gifts for employees and a house for Kovar himself.