Brent Kovar, accused of orchestrating a $12 million cryptocurrency Ponzi scheme, is allegedly operating a new fraudulent enterprise while out on bail. The 58-year-old launched Profit Connect in 2020, touting it as a cryptocurrency mining operation with a fabricated Tesla partnership. Federal regulators stepped in to shut down the scheme and sue Kovar, naming his elderly mother, Joy Irene Kovar, as a co-defendant.
Investigators discovered that Kovar and his mother had diverted substantial investor funds. Some money funded promoters who directed victims to the Profit Connect website. Other funds were used in classic Ponzi fashion, paying earlier investors with cash from new participants. A court-appointed receiver later uncovered evidence that Kovar had used investor capital to provide lavish gifts to three female employees.
One of these women, identified as SW, served as Kovar's girlfriend and the company's accounting manager. Alongside two other female employees, identified as RU and JM, she received substantial gifts purchased with investor money. These included a fully paid home valued at $387,786.94, a Dodge Ram 1500 truck costing $49,320.35, and a monthly Tesla lease payment of $18,513.16. Each woman also received at least $114,100 in profits from associated programs. All three women had backgrounds as pharmacy technicians.
Kovar and his mother reached a settlement with the Securities and Exchange Commission in December 2021. However, the criminal case proceeded. In February 2025, a federal grand jury returned an eighteen-count indictment against Kovar concerning the Profit Connect operation. A judge subsequently released him pending his trial, scheduled for January 6, 2026.
In April, the Department of Justice filed a motion alleging Kovar had initiated another scheme while on pre-trial release. This new operation, named "Passive Income Everyday," mirrors Profit Connect. It falsely claims to be a Bitcoin mining company capable of mining over $1.8 million daily. The operation promised unrealistic returns and a full money-back guarantee, all fabrications. The associated website has since been taken offline.
Kovar did not publicly associate his name with this latest venture. Instead, he reportedly operated through Heidi Shields, described as a friend and a pharmacy technician at a Smith's Pharmacy in the Las Vegas area. This connection marks the fourth pharmacy technician linked to Kovar's alleged schemes. The SEC has suggested Kovar has identified a consistent recruitment channel, seemingly through Smith's Pharmacy. Whether these connections stem from his mother's medical needs or other reasons, the outcome remains consistent: Kovar allegedly continued his fraudulent activities while federal prosecutors prepared to prosecute him for his prior actions.