U.S. businessman convicted in $24M crypto Ponzi case faces up to 280 years

A Las Vegas businessman has been convicted in a cryptocurrency Ponzi scheme that defrauded at least 400 investors of $24 million and could face a maximum combined sentence of 280 years, Cointelegraph reported, citing the U.S. Department of Justice. Brent Kovar was found guilty over allegations that from 2017 to 2021, his firm Profit Connect claimed to use AI to mine cryptocurrency and promised fixed annual returns of 15% to 30%, but had no actual revenue-generating business or crypto reserves. Prosecutors said Kovar used money from new investors to pay returns to earlier investors and to fund home purchases. Sentencing is scheduled for Nov. 30.