Las Vegas Man Convicted of $24 Million Crypto Scam Using AI Supercomputer Pitch

A Las Vegas businessman, Brent Kovar, has been convicted of using promises of crypto wealth and an 'AI supercomputer' to scam over $24 million from investors.

Kovar marketed Profit Connect as a cryptocurrency mining business that used artificial intelligence to generate profits. However, authorities say the company did not actually produce any earnings.

Instead of distributing profits to investors, the operation used money from new investors to pay earlier ones, matching the pattern of a Ponzi scheme. The company claimed to hold cryptocurrency reserves worth hundreds of millions of dollars when it had no such assets.

Kovar faces a maximum sentence of 280 years in prison and it is unclear whether investors will recover their losses.