TechFlow news, according to the Nevada State Prosecutor's Office, Las Vegas businessman Brent C. Kovar made his initial court appearance on February 14 on charges of cryptocurrency fraud. Prosecutors allege that from late 2017 to July 2021, Kovar falsely claimed through his company Profit Connect to use artificial intelligence for cryptocurrency mining and transaction validation, promising annual returns of 15%-30% along with full refund guarantees, defrauding approximately $24 million from over 400 investors. Kovar faces 12 counts of wire fraud, 3 counts of mail fraud, and 3 counts of money laundering, carrying a maximum penalty of 330 years in prison and a $4.5 million fine. The trial is set to begin on April 8, 2025.
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