A jury convicts Las Vegas businessman Brent Kovar of running a crypto Ponzi scheme worth $24 million. Prosecutors say Kovar defrauds at least 400 investors, according to reporting by multiple outlets.
Both sources describe how Kovar pitches an “AI supercomputer” or similar system as the mechanism that mines or generates cryptocurrency for investors. Decrypt adds that Kovar tells investors their funds are insured by the FDIC. CoinDesk focuses on the conviction and the overall scale of the fraud, while Decrypt emphasizes specific claims made to investors during the scheme.
The outlets agree on the main outcome—Kovar’s conviction—and on key figures: the alleged $24 million amount and the number of investors impacted. They differ mainly in emphasis, with one outlet highlighting the scheme’s characterization as an AI-linked mining operation and the other stressing investor-facing representations, including the FDIC-related claim.
