Profit Connect Owner Convicted in $24M AI Crypto Scam

Brent C. Kovar, owner of Profit Connect, was convicted on 15 counts of fraud and money laundering after obtaining $24 million from at least 400 investors through false claims about an AI-powered crypto business.

The Justice Department said the verdict followed a nine-day trial, with jurors finding Kovar guilty of 11 counts of wire fraud, two counts of mail fraud, and two counts of money laundering.

Kovar marketed Profit Connect as a profitable technology business capable of generating promised returns, claiming it used AI software on a supercomputer to mine crypto and verify transactions.