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Las Vegas Man Convicted of $24M Ponzi Scheme Promising AI-Powered Crypto Mining

Guavy AI Editorial Team
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A Las Vegas man has been convicted of running a $24 million Ponzi scheme that promised investors returns of up to 30% per year through an artificial intelligence software on a supercomputer.

Brent C. Kovar, owner of Profit Connect, claimed the company mined cryptocurrency and verified transactions on other networks.

The Justice Department said Kovar knew the company was not profitable, held no reserves, and could not pay the returns it advertised.

Money from investors went towards running the company, buying gifts for employees, and even buying Kovar a house.

Kovar faces up to 280 years in prison and is due to be sentenced on November 30.

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