Profit Connect owners Brent Carson Covar and Joy I. Covar have settled with the SEC.

The SEC
shut down Profit Connect
in July, alleging the Kovars ran a $12 million dollar Ponzi scheme.

Stipulated consent judgments for Brent (right) and Joy Kovar were filed on December 8th.

The judgments restrain the Kovars from engaging in further violations of the Securities Act.

The Kovars jointly signed the judgments on November 29th.

On the money side of things disgorgement will be ordered plus a yet to be determined civil penalty. Both will incur prejudgement interest dating back to May 2018.

BehindMLM
reviewed Profit Connect
in December 2020. In the review we correctly identified Profit Connect engaging in securities fraud.

🤖 Quick Answer

What was Profit Connect and why did the SEC take action?
Profit Connect was a company operated by Brent Carson Kovar and Joy I. Kovar that the SEC shut down in July, alleging it functioned as a $12 million Ponzi scheme involving violations of the Securities Act.

What settlements did the Kovars reach with the SEC?
The Kovars filed stipulated consent judgments on December 8th, which they jointly signed on November 29th. These judgments restrain them from future Securities Act violations and require disgorgement plus civil penalties with prejudgement interest dating to May 2018.

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