A Las Vegas business owner who allegedly lied about having a successful company to get investor money made his first appearance in court yesterday.
58-year old Brent Kovar has been charged with twelve counts of wire fraud, three counts of mail fraud and three counts of money laundering.
Kovar allegedly told victims that his company, "Profit Connect," used artificial intelligence to mine cryptocurrency, verify cryptocurrency transactions, and pay fixed rates of return on investments.
He also falsely claimed that the company provided a 100% money back guarantee.
Investigations found that Kovar used the money from at least 400 investors to operate his business, buy gifts for employees and buy himself a house. He did repay some investors under the guise of being a cryptocurrency company.
Reports say that Kovar received around $24 million in investments from victims.
A jury trial will begin on April 8, and if Kovar is convicted he faces a maximum penalty of 330 years in prison and a potential fine of $4.5 million.
