Las Vegas businessman Brent C. Kovar, 58, has been indicted for allegedly running a $24 million cryptocurrency Ponzi scheme through his company, Profit Connect. He falsely advertised Profit Connect as an AI-powered cryptocurrency mining firm with guaranteed investment returns and FDIC backing. Kovar allegedly misused investor funds for personal expenses and to repay earlier investors. He used various methods, including a website and YouTube videos, to attract at least 400 investors. Kovar faces multiple charges, including wire fraud and money laundering, and could be sentenced to 330 years in prison and fined $4.5 million if convicted. The FBI, FDIC OIG, and IRS-CI collaborated on the investigation.



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