A Grand Jury has indicted Profit Connect founder Brent Carson Kovar.

Kovar, a Nevada resident, was indicted on February 12th and arrested on February 13th.

Profit Connect
was an MLM crypto Ponzi launched in 2020. The scam was originally co-founded by Eddie Kona and Kovar, however Kona died in May or June 2021.

A month or so later the SEC filed civil fraud charges,
alleging Profit Connect was a $12 million Ponzi scheme
.

Kovar’s nine-page indictment charges him with twelve counts of wire fraud, three counts of mail fraud and three counts of money laundering.

From Kovar’s indictment;

In general, the defendant falsely represented that Profit Connect was a profitable, up-and-running company that mined cryptocurrency and verified cryptocurrency transactions, paid investors a fixed rate of return of 15%-30% APR, and provided a 100% money-back guarantee.

In reality, as the defendant then and there well knew, Profit Connect

was not a profitable, up-and-running company,

did not and could not pay fixed rates of return to investors, and

had no legitimate means to back its 100% money-back guarantee.

Moreover, instead of using investor money as promised, the defendant used investor money to, among other things, operate Profit Connect, buy gifts for employees, buy a house for himself, and repay investors as if those repayments came from mining cryptocurrency and verifying cryptocurrency transactions.

In total, the defendant obtained approximately $24 million from at least 400 investors.

At his February 13th arraignment, Kovar pled not guilty to all eighteen charges. Kovar was released on a personal recognizance bond at his arraignment.

Given Kovar has
already settled civil Profit Connect fraud charges with the SEC
, I think it’s pretty obvious we’ll see a guilty plea at some point.

If he doesn’t plead guilty and proceeds to trial, Kovar, 58, faces a maximum penalty of 330 years in prison and $4.5 million fine.

Kovar’s Profit Connect trial has been scheduled for April 8th, 2025.

Update 24th March 2025 – 
Following adoption of a “complex case schedule”, Brent Kovar’s trial has been rescheduled for January 6th, 2026.

Update 8th November 2025 – 
On October 21st Brent Kovar made a third request to continue pre-trial deadlines and the trial date itself.

On October 22nd the court granted Kovar’s motion, pushing back his Profit Connect criminal trial to March 2nd, 2026.

Update 8th February 2026 – 
On January 14th Brent Kovar made a fourth request to continue pre-trial deadlines and the trial date itself.

Later the same day the court granted Kovar’s motion, pushing back his Profit Connect criminal trial to May 12th, 2026.

🤖 Quick Answer

Who is Brent Kovar and what are the charges against him?
Brent Carson Kovar, a Nevada resident, is the founder of Profit Connect, an MLM cryptocurrency Ponzi scheme launched in 2020. Indicted on February 12th and arrested February 13th, he faces twelve counts of wire fraud, three counts of mail fraud, and three counts of money laundering for operating a $12 million fraudulent scheme.

What was Profit Connect and how did it operate?
Profit Connect was a cryptocurrency MLM Ponzi scheme co-founded by Kovar and Eddie Kona in 2020. The operation falsely represented itself as a profitable company mining cryptocurrency and verifying transactions while paying investors fixed rates. Following Kona's death in 2021, the SEC filed civil fraud charges alleging the $12 million scheme.

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