Brent Kovar has been convicted of running a cryptocurrency Ponzi scheme that allegedly defrauded at least 400 investors of approximately $24 million.

The Las Vegas businessman was found guilty after a nine-day trial, the U.S. Attorney’s Office for the District of Nevada said Monday. The verdict included 11 wire fraud charges, two mail fraud counts and two money laundering offenses.

Kovar is due to be sentenced on Nov. 30 and faces a statutory maximum of up to 280 years in prison.

The case first emerged in July 2021, when the U.S. Securities and Exchange Commission accused Kovar and his mother, Joy Kovar, of raising $12 million from at least 277 investors through fraudulent representations.

The pair promoted Profit Connect as a cryptocurrency investment company that used blockchain mining as its primary source of income while also putting money into foreign exchange, stocks and other assets.

They claimed the company operated an artificial intelligence-powered supercomputer capable of delivering fixed annual returns of 20% to 30%, with gains compounded each month.

According to the SEC, however, the investment claims did not reflect how the money was being used. Regulators alleged that millions of dollars were moved into Joy Kovar’s personal bank account, while payments were made to investors using money from other participants.

FBI Las Vegas Special Agent in Charge Christopher S. Delzotto said investors were convinced they were backing an innovative technological venture, but the business was ultimately built on false claims.

Kovar operated Profit Connect in Las Vegas from late 2017 through July 2021. He presented the company as profitable and claimed it held cryptocurrency reserves worth hundreds of millions of dollars.

The business also promoted a 100% money-back guarantee as part of its pitch to investors.

Authorities said Kovar used investor funds for purposes unrelated to the promised investment strategy, including buying gifts for employees and purchasing a home for himself.