A man accused of running a $12 million crypto Ponzi scheme is allegedly running another one while awaiting trial.

Brent Kovar, 58, launched Profit Connect in 2020 as a cryptocurrency mining operation. The pitch sounded simple: invest in mining equipment and watch the returns roll in. The company claimed to have a marketing partnership with Tesla. Neither claim was true. The SEC shut it down and sued Kovar in 2021, naming his 86-year-old mother, Joy Irene Kovar, as a co-defendant.

Investigators found that Kovar and his mother had siphoned millions from Profit Connect investors. Some money went to promoters who steered victims to the website. Other payments mimicked classic Ponzi tactics—using new investor cash to pay earlier investors. A court-appointed receiver uncovered something darker: Kovar had used investor funds to shower gifts on three women who worked at the company.

One woman, identified only as SW, was Kovar's long-term girlfriend and served as accounting manager. She and two other female employees—RU and JM—received lavish gifts purchased with investor money. A fully-paid home worth $387,786.94. A Dodge Ram 1500 truck for $49,320.35. A Tesla lease at $18,513.16 monthly. Plastic surgery totaling $21,461.24. Each woman also pocketed at least $114,100 in profits from associated programs.

All three women were pharmacy technicians.

Kovar and his mother settled with the SEC in December 2021. But the criminal case moved forward. In February 2025, a federal grand jury indicted Kovar on eighteen charges related to Profit Connect. A judge released him pending trial, scheduled for January 6th, 2026.

Then in April, the Department of Justice filed a bombshell motion: Kovar was running another scheme while out on pre-trial release.

The new operation calls itself "Passive Income Everyday." Like Profit Connect, it claims to be a Bitcoin mining company—this one supposedly mining over $1.8 million daily. It promises sky-high returns and a 100% money-back guarantee. All fabrications. The website has since been disabled.

This time, Kovar didn't put his name on it. Instead, he hid behind Heidi Shields, described as his "friend" and a pharmacy technician at a Smith's Pharmacy in the Las Vegas area.

That makes four pharmacy technicians connected to Kovar. A pattern emerges. The SEC alleges Kovar has found a reliable recruitment pipeline, and it appears to run through Smith's Pharmacy. Whether his elderly mother's medication needs provide cover for regular visits, the result is clear: Kovar kept working his scheme even as federal prosecutors prepared to take him to trial.

🤖 Quick Answer

Who is Brent Kovar and what are the accusations against him?
Brent Kovar, 58, is accused of operating Profit Connect, a fraudulent cryptocurrency mining scheme launched in 2020 that defrauded investors of approximately $12 million. He allegedly continues running another similar scheme while awaiting trial for the first Ponzi operation, making false claims about mining operations and Tesla partnerships.

What was the structure of the Profit Connect fraud?
Profit Connect operated as a classic Ponzi scheme where investors were promised returns from cryptocurrency mining equipment investments. Perpetrators used new investor funds to pay earlier investors, while funneling millions to promoters and co-conspirators, including Kovar's 86-year-old mother, Joy Irene Kovar, who was named as a co-defendant.

What regulatory action was taken against Profit Connect?
The Securities

🔗 Related Articles

- Kuvera Global Review: Investview still flaunting securities in front of SEC
- Mether World Review: Crypto Ponzi reboot, mCoin exit-scam
- TranzactCard collapses, rebooted as FinMore
- AuBit Review: Freeway token “no risk” Ponzi scheme
- Capital Share Limited Review: Dubai crypto mining Ponzi