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Las Vegas business owner convicted of $24 million cryptocurrency ponzi scheme
- A federal jury in Nevada convicted Las Vegas businessman Brent Kovar on Monday for operating a $24 million crypto fraud scheme following a nine-day trial for wire fraud, mail fraud, and money laundering.
- Operating Profit Connect from late 2017 to 2021, Kovar claimed the company used artificial intelligence to mine cryptocurrency, promising investors 15% to 30% APR returns with a 100 percent money-back guarantee.
- Kovar fraudulently obtained $24 million from at least 400 investors. "Criminals who build operations on false guarantees, fabricated profits and nonexistent reserves, erode trust in our financial system," said Charge David Lowe of IRS Criminal Investigation.
- Sentencing is scheduled for Nov. 30, when Kovar faces a statutory maximum penalty of up to 280 years in prison for his role in the Ponzi scheme that defrauded hundreds of investors.
- The case first made headlines in July 2021, when the SEC charged Kovar and his mother, Joy Kovar, with fraudulently raising $12 million from at least 277 investors through Ponzi-like payments to other investors.
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Las Vegas businessman faces 280 years over $24 million crypto Ponzi scheme
A federal jury has convicted Las Vegas businessman Brent Kovar of fraud and money laundering after prosecutors said his Profit Connect operation collected $24 million from at least 400 investors through false claims about cryptocurrency mining, investment returns and company…
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