A Las Vegas businessman, Brent Kovar, has been convicted by a jury over a $24 million cryptocurrency Ponzi scheme, according to a BlockBeats report published on Aug. 25. He faces a maximum sentence of 280 years in prison. The U.S. Department of Justice said Kovar used investor funds to operate Profit Connect and repaid earlier investors with money collected from newer ones while presenting the returns as mining-related proceeds. The case centers on allegations that investor capital was cycled through the business under the guise of crypto mining profits.
Brent Kovar, a businessman from Las Vegas, was convicted by a jury in connection with a $24 million cryptocurrency Ponzi scheme and faces a maximum of 280 years in prison, according to a BlockBeats report published on Aug. 25.
The U.S. Department of Justice said Kovar used investor funds to operate Profit Connect and paid earlier investors with newer money while describing the returns as crypto mining profits.
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