Las Vegas businessman Brent Kovar has been convicted by a jury in a $24 million cryptocurrency Ponzi scheme case, according to The Block. The U.S. Department of Justice said Kovar used investor money to operate Profit Connect and told investors the returns came from mining revenue. Prosecutors said newer investor funds were used to pay earlier investors, a core feature of a Ponzi structure. Kovar now faces a maximum sentence of 280 years in prison. The case adds to a growing list of U.S. enforcement actions tied to crypto-linked investment fraud, though the source report here focuses specifically on the jury verdict, the amount involved, the role of Profit Connect, and the sentencing exposure outlined by authorities.
Las Vegas businessman Brent Kovar was convicted by a jury in a $24 million cryptocurrency Ponzi scheme case and faces a maximum sentence of 280 years in prison, according to The Block.
The U.S. Department of Justice said Kovar used investor funds to operate Profit Connect and claimed the payments were tied to mining revenue. Authorities said money from new investors was used to repay earlier investors.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
