Las Vegas Businessman Convicted in $24M Crypto Ponzi Scheme

A federal jury in Nevada has convicted Las Vegas businessman Brent Kovar of running a $24 million cryptocurrency Ponzi scheme that defrauded at least 400 investors. The verdict, announced on August 24, 2026, followed a nine-day trial and found Kovar guilty on 15 counts, including wire fraud, mail fraud, and money laundering. He now faces a statutory maximum sentence of 280 years in prison, with sentencing scheduled for November 30, 2026. The case centered on Profit Connect, a company Kovar owned from late 2017 through July 2021.