According to the U.S. Department of Justice, Las Vegas businessman Brent C. Kovar has been convicted by a federal jury on 11 counts of wire fraud, 2 counts of mail fraud, and 2 counts of money laundering for operating Profit Connect. Prosecutors stated that Kovar falsely claimed to at least 400 investors that the company used supercomputers and AI for mining, promising fixed annual returns of 15%–30% and a 100% money-back guarantee. In reality, he used investor funds for company operations, purchasing real estate, and paying off early investors, defrauding a total of approximately $24 million. Kovar is scheduled for sentencing on November 30, with a statutory maximum sentence of up to 280 years. (The Block) https://(chatgpt.com)/c/6a685e4a-15b0-83ec-9bf5-4aea52d203f8