According to CoinMeta, and as stated by the U.S. Department of Justice, Las Vegas businessman Brent C Kovar was found guilty by a federal jury of 11 counts of telecommunications fraud, 2 counts of mail fraud, and 2 counts of money laundering for operating Profit Connect. The prosecution claimed that Kovar falsely promised at least 400 investors that the company used supercomputers and AI for mining, offering a fixed annual return of 15%–30% along with a 100% refund guarantee. In reality, he used the investors' funds for company operations, real estate purchases, and payments to early investors, defrauding a total of approximately 24 million US dollars. Kovar will be sentenced on November 30th, with a maximum statutory prison term of up to 280 years.