280 Years in Prison Looms for Las Vegas Businessman in Crypto Case
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A federal jury convicted Las Vegas businessman Brent C. Kovar of defrauding at least 400 investors of $24 million through Profit Connect, a crypto investment scheme that ran from late 2017 to July 2021. Profit Connect falsely claimed to use AI on a supercomputer to mine crypto and verify transactions, a case that underscores fraud, security risks and increased regulatory scrutiny for crypto fundraising and investor protection.
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A federal jury has convicted Las Vegas businessman Brent C. Kovar of defrauding at least 400 investors of $24 million through a crypto investment scheme.
Kovar owned Profit Connect, a Las Vegas-based company that operated from late 2017 through July 2021 and claimed to use artificial intelligence software on a supercomputer to mine crypto and verify transactions.
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