Nevada jury convicts man of $24M Ponzi scheme tied to fake AI crypto mining operation
Brent Kovar was found guilty of 11 counts of wire fraud, two counts of mail fraud, and two counts of money laundering for defrauding 400 investors of over $24 million through his company Profit Connect. He promised returns of 15% to 30% APR with a 100% money-back guarantee, but the operation had no actual cryptocurrency holdings and paid early investors with new funds. Kovar faces up to 280 years in prison, with sentencing scheduled for November 30.
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Original headline: “Crypto bro faces 280 years in prison for defrauding investors with promises of an 'AI supercomputer' for mining — jury convicts businessman of running $24-million Ponzi scheme, claimed up to 30% APR and a 100% money-back guarantee.” Browse more stories.