Las Vegas businessman Brent C. Kovar, 58, has been charged with allegedly adjusting the $24 million cryptocurrency Ponzi scheme through his company, Profit Connect. Prosecutors mistakenly promoted Profit Connect as a guaranteed artificial intelligence driven cryptocurrency mining company that Kovar guarantees fixed investment returns of 15%-30% APR and falsely implied FDIC backing It claims to have been. Between 2017 and 2021, Kovar is said to misuse investor funds, cover business expenses, buy personal assets, and repay previous investors by pretending to be false. He is said to have used websites, YouTube videos and PowerPoint presentations to attract at least 400 investors. Kovar, who was charged with 12 counts of wire fraud, three counts of mail fraud and three counts of money laundering, faces up to 330 years of prison and a fine of $4.5 million if convicted. His trial is set for April 8, 2025. The FBI, FDIC OIG and IRS-CI investigated the case, with US lawyer Advisor Daniel Sheats leading the prosecution.
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