A federal jury has found business owner Brent Kovar guilty of wire fraud, mail fraud, and money laundering. Kovar raised $24 million from at least 400 investors through a crypto scheme that was ultimately exposed as a Ponzi operation.

Court Case and Charges

Brent Kovar was convicted on charges of wire fraud, mail fraud, and money laundering. Prosecutors said he set up a scheme that promised investors high returns, but in reality, the money was just shuffled between participants with no real investments happening behind the scenes.

Losses and Victim Count

Kovar pulled in a total of $24 million from investors. According to court documents, more than 400 people lost money in the scheme.

Potential Sentence

Kovar faces up to 280 years in prison if the court hands down the maximum sentence for all charges. The final decision on his sentence will come at a later date.