Beware of Profit Connect – Review

Last November, the Profit Connect Receiver disclosed Brent Kovar’s fondness for lavishing gifts on women he employed.

Three Profit Connect workers were named by the Temporary Receiver as being in charge of the company’s financial and personnel operations: SW, a former pharmacy technician employed as the accounting manager and, according to her, a long-term lover of Brent Kovar, RU, a former pharmacy technician hired as an accountant, and JM, a recent college graduate hired as the warehouse’s junior accountant and receptionist.

The accounting staff could not demonstrate even the most basic understanding of business accounting best practices, the accounting staff was overcompensated based on their skills and experience, the accounting staff was lavishly compensated in non-cash gifts for their efforts, and the accounting staff blindly followed Brent Kovar’s every request, and the accounting staff had unusual and inappropriate relationships with Brent Kovar.

Ramona Uriarte has been recognized as “RU.” She is the first employee of Profit Connect to reach an agreement with the Receiver.

Kovar financed Uriarte $387,786 to buy a property in Nevada, according to a preliminary settlement submitted by the Receiver on March 16th.

Even though the transaction between Profit Connect and Ms. Uriarte was not recorded in writing, the Receiver believes that the parties intended for Ms. Uriarte to reimburse the $387,786.94 transferred to her.

The Receiver sought $387,786 from Uriarte by that arrangement.

Ms. Uriarte, on the other hand, does not have $387,786.94 in her bank account.

Ms. Uriarte plans to seek a mortgage by refinancing the home to facilitate the repayment, but she will not be able to do so until she has lived on the property for at least one year, which will be in April 2022, according to underwriting laws and policies.

Uriarte and the Receivership have reached a temporary settlement agreement under which Uriarte will: 1. pay $2000 per month for four months “to account for her ongoing usage of Profit Connect funds”; and 2. relinquish the property to the Receivership if refinancing is not allowed.

Uriarte’s preliminary settlement is still seeking approval at the time of publishing.

Update May 12th, 2022 – On May 5th, Ramona Uriarte’s settlement was granted.

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