United States of America v. Brent Kovar

Las Vegas, Nevada criminal defense lawyers represented the Defendant charged with wire fraud in violation of 18 U.S.C. 1343 and money laundering in violation of 18 U.S.C. 1957.

From late 2017 to July 2021, Brent C. Kovar owned Profit Connect, a Las Vegas-based company that purportedly used artificial intelligence software on a supercomputer to mine cryptocurrency and verify other cryptocurrency transactions. He falsely represented the company as a profitable company that paid investors a fixed rate of return of 15% to 30% APR and provided a 100% money-back guarantee. Kovar also falsely represented that Profit Connect was backed by hundreds of millions of dollars in cryptocurrency reserves. Kovar knew his company was not profitable, had no reserves, did not and could not pay the fixed rates of return to investors, and had no legitimate means for the money-back guarantee. He used investor money to operate Profit Connect, to buy gifts for employees, to buy a house for himself, and to repay investors as if those repayments came from mining cryptocurrency and verifying cryptocurrency transactions. In total, Kovar fraudulently obtained $24 million from at least 400 investors.

From late 2017 to July 2021, Brent C. Kovar owned Profit Connect, a Las Vegas-based company that purportedly used artificial intelligence software on a supercomputer to mine cryptocurrency and verify other cryptocurrency transactions. He falsely represented the company as a profitable company that paid investors a fixed rate of return of 15% to 30% APR and provided a 100% money-back guarantee. Kovar also falsely represented that Profit Connect was backed by hundreds of millions of dollars in cryptocurrency reserves. Kovar knew his company was not profitable, had no reserves, did not and could not pay the fixed rates of return to investors, and had no legitimate means for the money-back guarantee. He used investor money to operate Profit Connect, to buy gifts for employees, to buy a house for himself, and to repay investors as if those repayments came from mining cryptocurrency and verifying cryptocurrency transactions. In total, Kovar fraudulently obtained $24 million from at least 400 investors.