In brief
A federal jury has convicted Brent Kovar of defrauding at least 400 investors of $24 million through his company Profit Connect.
He promised fixed returns of 15% to 30% a year, a full money-back guarantee, and reserves of hundreds of millions of dollars in crypto.
The SEC shut the company down in 2021, when it put the losses at half that figure.
A federal jury in Las Vegas has convicted a business owner of running a $24 million cryptocurrency Ponzi scheme that took money from at least 400 investors, the Justice Department said on Monday.Brent C. Kovar owned Profit Connect, a Las Vegas company that from late 2017 until July 2021 claimed to run artificial intelligence software on a supercomputer that mined cryptocurrency and verified transactions on other networks. Investors were promised a fixed return of 15% to 30% a year and a full money-back guarantee, and told the company was backed by hundreds of millions of dollars in crypto reserves.
