Brent C. Kovar Found Guilty of Defrauding 400 People in Cryptocurrency Mining Scheme

A federal jury in Las Vegas found Brent C. Kovar, owner of Profit Connect, guilty on 11 counts of wire fraud, two counts of mail fraud, and two counts of money laundering. Kovar deceived over 400 individuals by promising returns through a supposed cryptocurrency mining technology, fraudulently obtaining $24 million between late 2017 and July 2021. The firm promised a fixed return of 15% to 30% APR and guaranteed a 100% refund of the invested money. However, authorities determined it was a scam, as the company did not generate legitimate profits, and Kovar used the funds to operate his business and purchase properties. He faces a maximum combined sentence of 280 years in prison.

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