Profit Connect’s Brent Covar is running another recently launched Ponzi while out on pre-trial release.

Profit Connect was a $12 million MLM crypto Ponzi launched in 2020. Profit Connect’s ruse was crypto mining, with fabricated marketing claims about a marketing partnership with Tesla.

The SEC filed suit against Kovar (58, right) in 2021. Kovar’s mother, Joy Irene Kovar (then 86), was also named as a defendant.

Defendants misused investor money by, among other things, transferring millions of dollars to J. Kovar’s personal bank account, paying millions of dollars to promoters who brought investors to the Profit Connect website to invest, and making payments to other investors in a Ponzi-like fashion.

A court-appointed Receiver additionally found Kovar used Profit Connect investor funds to lavish gifts on three women.

The Temporary Receiver identified three Profit Connect employees with the responsibilities of administering the financial and personnel operations of Profit Connect: SW, a former pharmacy technician hired as the accounting manager and, as she has stated, a long-term girlfriend of Brent Kovar, RU, a former pharmacy technician hired as an accountant, and JM, with no prior job experience who was hired as the junior accountant and receptionist at the warehouse.

In addition to being relatively overcompensated via payroll for their responsibilities as described below, these three women also received other substantial assets paid for by Profit Connect, including: a fully-paid-for home totaling $387,786.94, a Dodge Ram 1500 truck costing $49,320.35, a 2021 Model Y Tesla lease costing $18,513.16, plastic surgery costing $21,461.24, and profits from the Wealth Services programs of at least $114,100.

Kovar and his elderly mother settled with the SEC in December 2021.

That all brings us to Profit Connect criminal proceedings. In February 2025, Brent Kovar was indicted on eighteen Profit Connect related criminal charges.

Kovar was ordered released pending trial, currently scheduled for January 6th, 2026.

On April 11th, the DOJ filed a motion seeking Kovar’s pre-trial release be revoked. As alleged by the DOJ, earlier this year Kovar launched another MLM crypto Ponzi scheme.

This scheme mirrors the scheme alleged in the pending indictment—it claims to be a Bitcoin mining company that supposedly mines over $1.8 million a day in Bitcoins, pays investors extraordinarily high rates of return, and provides a 100% money-back guarantee, none of which is true.

The scheme in question is “Passive Income Everyday”. whose website has since been disabled:

In launching and running Passive Income Everyday, Kovar hid behind Heidi Shields (right).

Shields, cited as “Kovar’s friend”, is “a pharmacy technician at a Smith’s Pharmacy in the Las Vegas area.”

That’s four pharmacy technicians tied to Kovar. I could be wrong but, and this might tie into his mother’s medication requirements, sounds like Brent Kovar is using Smith’s Pharmacy as a Tinder app.

An exhibited report on an FBI interview with Shields (right) details a comedy of denials and errors.

SHIELDS is the sole owner, President, and CEO of PASSIVE INCOME EVERYDAY (PIE).

She initially described PIE as a company SHIELDS started that sells computer mining time among other things. Later, she said she wasn’t brought onto the company until it was in the later stages of testing.

Near the end of the interview, SHIELDS said her and BRENT KOVAR (KOVAR) had talked about the idea of the company awhile ago but she didn’t know he was developing it.

SHIELDS and KOVAR were friends and he thought she would be great to head up the company. He explained the company to her and basically handed the company to her.

SHIELDS knew nothing about cryptocurrency until she moved to Las Vegas and learned about it by playing around on NICEHASH for about two years.

[Agent Note: During the interview, the Agents used various terms such as cryptocurrency exchange, private wallet, and noncustodial wallet. SHIELDS was unfamiliar with these terms and responded she was just the pretty face of the company.]

PIE officially launched on January 20, 2025. They are in the process of incorporating and it is not profitable yet.

PIE has a 100% money-back guarantee. PIE’s value is not based on the value of cryptocurrency and can make this guarantee because of their $1.8 million reserves.

SHIELDS said at the start of the interview that KOVAR was instrumental in creating the website but “is otherwise uninvolved.” SHIELDS later said KOVAR is the main programmer and main IT person.

[Agent Note: Throughout the interview, SHIELDS kept making references to “her team” and the “IT team”.

When asked about the team, SHIELDS said she only dealt with KOVAR and did not know any names of other team members. Further, SHIELDS said KOVAR never talked about a team but she assumes they exist.]

SHIELDS said KOVAR controls the content of the website but also said she controls everything on the website by telling KOVAR to change anything she doesn’t like.

However, the website says PIE has auditors and CPAs even though, according to SHIELDs, they do not and despite her dislike that it says that.

PIE accepts customer money through Cashapp, which goes to SHIELD’s personal account, or Bitcoin. Any time SHIELDS receives money, she immediately purchases Bitcoin, it goes into her Bitcoin wallet on CashApp, then she either sends it to KOVAR or it stays there.

SHIELDS later corrected and said that it wasn’t going to KOVAR but to the server.

People can also pay with a debit or credit card by a Paypal invoice. SHIELDS initially said it was her Paypal but then agreed the account was “probably” under KOVAR but she is not worried the money will disappear, “because [KOVAR] is about the
most honest person [SHIELDS] has ever met.”

The customer money goes into a noncustodial private wallet that is controlled by the server. SHIELDS later said KOVAR is the server.

SHIELDS only has access to these wallets in the sense that she can shoot a text to KOVAR to send a customer money and he does it.

The website shows how much money they are mining everyday, SHIELDS recalled around $1.8 million. SHIELDS also said this amount is the “cushion” or “reserves” to protect customers.

The $1.8 million was mined when PIE was testing out the software in the beginning. The initial capital was $4,500
mined to $1.8 million.

SHIELDS did not know who contributed the capital but she does not know anyone other than KOVAR who assisted in mining it.

SHIELDS first said she controls the cryptocurrency wallet in which the $1.8 million in reserves is kept.

SHIELDS later said KOVAR has access to the wallet and the only way she views the balance in the wallet is from what her
IT team puts on the website. KOVAR is her main IT contact.

When asked what evidence SHIELDS has of the reserves existing, SHIELDS said she has seen the mining and the purchasing of the computer time.

She has seen the accounts at the datacenters they contract with and has seen the reserves.

KOVAR handles the contracts with the companies and is in telephone contact with the datacenters. SHIELDS has no reason to doubt him and he has always demonstrated honesty and integrity.

At the conclusion of the interview, the FBI Agent handed Shields a Grand Jury subpoena.

In addition to Shields’ hilarious interview, the FBI has also subpoenaed Kovar’s Paypal account records.

Based on Shields interview and collected evidence, the DOJ concludes “there is probably cause that Kovar is committing wire fraud” while out on release.

First, it is incredulous that PIE is mining more than $1.8 million in Bitcoins every day.

Given that Profit Connect earned only $350 from mining Bitcoins in its nearly four years of operation, it is absurd to think that PIE could mine over $1.8 million every day when it was organized just three months ago, has only ten investors, and is unprofitable.

Second, it incredulous that PIE has $1.8 million in reserves in just three months, or that it would have a “coming soon” business relationship with Tesla, given that Tesla denied having any relationship with Profit Connect.

Third, Kovar’s PayPal accounts show only a few small transactions from investors totaling just $4,500 in nearly a month. This is consistent with Shield’s statement that PIE has only ten investors and it is not profitable.

Fourth, Shields admitted that PIE’s website falsely states that it employs CPAs, accountants, and lawyers who oversee its activities.

Key to all of this is Kovar agreeing not to “violate federal law or solicit investors” as part of the terms of his release.

Kovar’s promises to the Court mean nothing, particularly because he was actually conducting the PIE scheme when he agreed to abide by the conditions.

He very well could have walked out of court with his release papers in hand and sat down at his computer to immediately continue working on PIE.

Given the evidence, Kovar cannot overcome the rebuttable presumption that no condition or combination of conditions will assure that he will not pose a danger to any other person or the community.

Consequently, the Court should grant the government’s motion to revoke Kovar’s release and detain him pending trial.

Kovar has not challenged the DOJ’s motion since it was filed two weeks ago. An order on the DOJ’s motion remains pending.