Brent Kovar’s $24M crypto Ponzi scheme conviction could mean 280 years
A federal jury in Nevada has convicted Las Vegas businessman Brent Kovar of fraud and money laundering, closing the book on a $24 million crypto Ponzi scheme built through his company, Profit Connect. The Brent Kovar Profit Connect case, prosecuted by the U.S. Attorney’s Office for the District of Nevada, ended after a nine-day trial that exposed how the operation lured hundreds of everyday investors with promises of guaranteed returns and fabricated cryptocurrency mining technology.
Key takeaways
- Brent Kovar was found guilty on 15 federal counts tied to a $24 million crypto Ponzi scheme run through Profit Connect.
- At least 400 investors were promised fixed annual returns of 15% to 30% and a 100% money-back guarantee.
- Prosecutors said Profit Connect had no real cryptocurrency reserves or AI-based mining operations, despite Kovar’s claims.
- Kovar faces a statutory maximum of 280 years in prison, with sentencing set for Nov. 30, 2026.
- The FBI, IRS Criminal Investigation and the FDIC Office of Inspector General jointly investigated the case.
Brent Kovar convicted for $24 million crypto Ponzi scheme
Kovar was found guilty on 11 counts of wire fraud, two counts of mail fraud and two counts of money laundering, according to the U.S. Attorney’s Office for the District of Nevada, which announced the verdict on Aug. 24. The trial ran for nine days before jurors reached their decision on all counts tied to the collapse of Profit Connect.
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