Las Vegas businessman convicted in $24 million crypto Ponzi scheme

Between 2017 and 2021, Kovar operated Profit Connect, an entity marketed as a high-tech venture utilizing supercomputers and artificial intelligence to mine digital assets. He promised victims fixed annual returns of up to 30% and guaranteed the safety of their principal. In reality, the company possessed no genuine mining operations, reserves, or legitimate income streams. Instead, Kovar diverted investor capital to purchase a private residence and fund employee gifts, maintaining the facade of profitability by recycling funds from new recruits to satisfy existing ones.

Following the verdict, Kovar faces 15 counts including wire fraud, mail fraud, and money laundering. While he initially faced a potential 330-year sentence, the jury’s decision on the 15 specific counts leaves him with a statutory maximum of 280 years. The case was brought by the U.S. Attorney’s Office for the District of Nevada, with investigations led by the FBI, IRS Criminal Investigation, and the FDIC Office of Inspector General. Sentencing is scheduled for November 30, 2026.