Woofun AI reports that a federal jury has convicted Brent Kovar of orchestrating a massive cryptocurrency Ponzi scheme, an outcome confirmed by the U.S. Attorney's Office for the District of Nevada in coordination with the SEC and FBI. The verdict targets the operational core of Profit Connect, with Special Agent in Charge Christopher S. Delzotto highlighting the deceptive nature of the enterprise alongside Joy Kovar.

The nine-day trial concluded with convictions on 11 counts of wire fraud, two counts of mail fraud, and two counts of money laundering. Sentencing is scheduled for Nov. 30, where Kovar confronts a statutory maximum penalty of up to 280 years in prison. This severe judicial outcome reflects the gravity of the criminal charges established during the proceedings.

Per Woofun AI, the financial scale of the fraud reached $24 million, impacting at least 400 investors. This figure expands upon the initial July 2021 SEC charges, which cited $12 million raised from 277 investors, illustrating the scheme's growth before its collapse.

Operating from late 2017 to July 2021, Profit Connect promised 20% to 30% fixed returns per year, compounded monthly, via blockchain mining, forex, and stocks. Despite claims of hundreds of millions of dollars in reserves and a 100% money-back guarantee, funds were misappropriated to Joy Kovar's personal bank account. This marks a definitive end to the AI-driven deception.