Las Vegas Man Convicted of $24M Crypto Ponzi Scheme

Brent C. Kovar, a Las Vegas businessman, has been convicted of running a $24 million cryptocurrency Ponzi scheme through his company, Profit Connect.

Kovar promised investors annual returns of 15% to 30%, claiming that his AI-powered supercomputer was mining cryptocurrency, generating fixed profits and backed by FDIC insurance. However, investigators found that new investor money was used to pay earlier investors, cover employee gifts, and purchase a house for Kovar.

This is not the first time Kovar has been accused of financial misconduct; he was previously barred from serving as an officer or director of any SEC-registered company due to a similar scheme in 2009.

Kovar faces up to 280 years in prison and will be sentenced on November 30, 2026. His conviction comes amid a broader crackdown on cryptocurrency-related frauds, with prosecutors working to close out the BitClub case, which involves $722 million in losses.