Las Vegas businessman charged in alleged $24 million cryptocurrency Ponzi scheme, facing up to 330 years in prison
ChainCatcher news, according to the Nevada Attorney General's Office, Las Vegas businessman Brent C. Kovar made his first court appearance on February 14 for alleged cryptocurrency fraud.
Prosecutors accuse him of falsely claiming to use artificial intelligence to mine and verify cryptocurrency transactions through his company Profit Connect from the end of 2017 to July 2021, promising annual returns of 15%-30% and offering a full refund guarantee, defrauding approximately $24 million from over 400 investors.
Kovar faces 12 counts of wire fraud, 3 counts of mail fraud, and 3 counts of money laundering, with a maximum sentence of 330 years in prison and a $4.5 million fine. The trial is set to begin on April 8, 2025.
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