CEO of Profit Connect faces 280 years for $24M crypto scam

MGR Online•Economy•1d ago

Reader Briefing

A US federal jury found Brent Covar, CEO of a Las Vegas technology company, guilty of running a $24 million cryptocurrency Ponzi scheme called Profit Connect.

•Brent Covar was found guilty on 15 counts including electronic fraud, mail fraud, and money laundering.
•The scam defrauded over 400 investors of a total of 24 million US dollars.
•The scheme operated from late 2017 to July 2021 using false claims about AI and supercomputers.
•Brent Covar faces a maximum prison sentence of 280 years.

Overview

•Brent Covar operated a cryptocurrency Ponzi scheme under the name Profit Connect from late 2017 to July 2021.
•Brent Covar deceived over 400 investors by claiming Profit Connect used artificial intelligence and supercomputers to mine crypto and verify transactions.
•Profit Connect guaranteed fixed annual returns of 15-30% and full principal repayment, though the company never actually generated any profit.
•Brent Covar used investor funds to purchase luxury homes and support a lavish lifestyle for himself and employees.
•A US federal jury convicted Brent Covar on 15 counts of electronic fraud, mail fraud, and money laundering.
•The fraud caused total damages of 24 million US dollars to investors.
•The court has scheduled the official sentencing reading for Brent Covar on November 30, 2026.

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Key Entities

Person

Brent Covar(เบรนต์ โควาร์)

Founder and CEO of a Las Vegas technology company and the operator of the Profit Connect Ponzi scheme.

Organization

Profit Connect

A cryptocurrency business used as a front for a Ponzi scheme that defrauded investors of 24 million US dollars.

Place

Las Vegas(ลาสเวกัส)ℹ️

The location of the technology company operated by Brent Covar.

United States(สหรัฐฯ)ℹ️

The country where the federal jury and court proceedings against Brent Covar took place.