Las Vegas Businessman Faces 330 Years in Prison for $24M Crypto Scam

In Brief:

Brent C. Kovar is accused of running a $24 million cryptocurrency fraud through ProfitConnect.

Promised AI-driven mining returns of 15%-30%, defrauding over 400 investors.

‍

Las Vegas businessman Brent C. Kovar appeared in court on February 14, facing multiple charges of wire fraud, mail fraud, and money laundering linked to a $24 million cryptocurrency scam. Prosecutors allege that through his company, ProfitConnect, Kovar lured investors with false promises of AI-powered crypto mining and guaranteed high returns.

The scheme, which ran from 2017 to 2021, deceived more than 400 victims, offering annualized returns of up to 30% with a "full refund guarantee." Instead, Kovar allegedly misused investor funds for personal expenses. If convicted, he faces up to 330 years in prison and a $4.5 million fine. His trial is set to begin on April 8, 2025.

‍