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Federal authorities have indicted Brent C. Kovar (58) from Las Vegas, accusing him of orchestrating a $24 million cryptocurrency Ponzi scheme. According to the indictment, Kovar operated the fraudulent scheme through his company, Profit Connect, which he falsely promoted as an AI-powered cryptocurrency mining firm.
Promised High Returns and Fake FDIC Guarantee
Prosecutors state that Kovar lured investors by promising guaranteed returns of 15% to 30% APR while falsely claiming that his company was backed by the Federal Deposit Insurance Corporation (FDIC). Between 2017 and 2021, he allegedly misused investor funds to cover business expenses, purchase personal assets, and pay off earlier investors—a hallmark of a Ponzi scheme.
400 Investors Deceived Through Online Platforms and Presentations
To gain public trust, Kovar used websites, YouTube videos, and PowerPoint presentations, through which he attracted at least 400 investors who invested their money in hopes of receiving the promised profits, which turned out to be fraudulent.
Facing Up to 330 Years in Prison
Kovar has been charged with a total of 18 counts, including 12 counts of fraud, 3 counts of mail fraud, and 3 counts of money laundering. If convicted, he faces up to 330 years in prison and a $4.5 million fine.
His trial is scheduled for April 8, 2025. The case was investigated by the FBI, FDIC OIG, and IRS-CI, with Assistant U.S. Attorney Daniel Schiess leading the prosecution.

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