Profit Connect Founder Convicted of $24 Million Crypto Ponzi Scheme

A Las Vegas businessman has been convicted of running a $24 million crypto Ponzi scheme through his company, Profit Connect.

Brent Kovar was found guilty on 15 federal counts tied to the scheme, which lured hundreds of everyday investors with promises of guaranteed returns and fabricated cryptocurrency mining technology.

Kovar's pitch to investors included claims that his company had no real cryptocurrency reserves or AI-based mining operations, despite promising fixed annual returns ranging from 15% to 30%.

Prosecutors said Kovar used incoming investor cash to keep the business running, buy gifts for employees, and purchase a house for himself, rather than generating profits through mining.