Las Vegas Man Convicted in $24 Million AI Crypto‑Mining Ponzi Scheme

A Nevada jury convicted Brent Kovar of operating a $24 million Ponzi scheme that promised investors returns from an artificial‑intelligence‑driven cryptocurrency mining operation.

False Promises of a Supercomputer

Kovar told at least 400 investors that a proprietary supercomputer was mining cryptocurrency on their behalf. He further claimed that the investors’ money was protected by the Federal Deposit Insurance Corporation (FDIC), a claim that was later proven false.

Legal Outcome

The jury’s verdict found Kovar guilty of fraud and related charges tied to the alleged AI crypto‑mining venture. The case highlights ongoing regulatory scrutiny of deceptive crypto‑investment schemes.

Impact on Investors

Victims collectively lost an estimated $24 million, underscoring the risks associated with unverified crypto‑mining promises and the importance of due diligence.