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Las Vegas businessman convicted in $24 million crypto Ponzi scheme

A federal jury found Brent Kovar used investor funds for Ponzi-style payments and personal spending, and he faces sentencing on Nov. 30 with up to 280 years in prison.

Reported · Written up by our desk · Market Structure

A federal jury has convicted Las Vegas businessman Brent Kovar of running a cryptocurrency Ponzi scheme that defrauded at least 400 investors of $24 million, according to CoinDesk.

Prosecutors said Kovar, operating under Profit Connect, falsely promised fixed annual returns of 20% to 30% that were compounded monthly, while using investor money for Ponzi-style payments, employee gifts, and a house for himself.

Kovar was found guilty on 15 counts, including wire fraud, mail fraud, and money laundering, after a nine-day trial, CoinDesk reported.

Sentencing is scheduled for Nov. 30, when Kovar faces a statutory maximum penalty of up to 280 years in prison, CoinDesk said.

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