Brent S. Kovar was found guilty by a federal jury on 11 counts. These include money-laundering and fraud charges. Kovar defrauded at least 400 investors through his crypto company, Profit Connect, between 2017 and 2021.
He claimed the company used AI-based software on a supercomputer for mining and verifying transactions. Kovar promised 15–30% annual returns with a 100% money-back guarantee. He lied that the funds were held in crypto reserves and insured by the U.S. Federal Deposit Insurance Corporation.
Profit Connect was unprofitable, had no reserves, and could not pay the promised returns or return investors’ money. Kovar will receive his final sentence on November 30.