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Moon5labs
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U.S. Authorities Charge AI Crypto Firm Founder with Fraud, Facing Hundreds of Years in Prison
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.
#CryptoNewss , #ArtificialInteligence , #CryptoFraud , #CryptoScamAlert , #CryptoRegulation
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
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.
#CryptoNewss , #ArtificialInteligence , #CryptoFraud , #CryptoScamAlert , #CryptoRegulation
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
ट्रम्प आंतकवादी है मुसलमानो का दुश्मन इस्राईल का घू खाता है
TopCryptoNews
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👋 Trump Continues to Appoint Pro-Cryptocurrency Politicians
President Trump has nominated Jonathan Gould, former chief communications officer for cryptocurrency company Bitfury, to head the Office of the Comptroller of the Currency (OCC), the nation's banking regulator.
🔹 ETH price jumps 3.5% as CBOE and 21Shares look to add ETH staking to ETFs.
🗣 Yesterday, Federal Reserve Chairman Jerome Powell said the Federal Reserve will not prohibit banks from serving legitimate cryptocurrency customers.
🇯🇵 Japanese company Metaplanet is raising 4.0 billion yen ($26.32 million) through a bond issue to buy more Bitcoin.
#ETH #Ethereum #Trump #DonaldTrump
President Trump has nominated Jonathan Gould, former chief communications officer for cryptocurrency company Bitfury, to head the Office of the Comptroller of the Currency (OCC), the nation's banking regulator.
🔹 ETH price jumps 3.5% as CBOE and 21Shares look to add ETH staking to ETFs.
🗣 Yesterday, Federal Reserve Chairman Jerome Powell said the Federal Reserve will not prohibit banks from serving legitimate cryptocurrency customers.
🇯🇵 Japanese company Metaplanet is raising 4.0 billion yen ($26.32 million) through a bond issue to buy more Bitcoin.
#ETH #Ethereum #Trump #DonaldTrump
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