Brent Carson Covar and Joy I. Covar, the proprietors of Profit Connect, settled with the SEC.
In July, the SEC closed Profit Connect, charging that the Kovars had run a $12 million Ponzi scam.
On December 8th, stipulated consent judgments for Brent (right) and Joy Kovar were submitted.
The verdicts prevent the Kovars from committing more Securities Act crimes.
On November 29th, the Kovars jointly signed the judgments.
On the financial front, disgorgement, as well as an unspecified civil penalty, will be enforced. Both will be subject to prejudgment interest beginning in May 2018.
Profit Connect was examined by BehindMLM in December 2020. We successfully detected Profit Connect’s involvement in securities fraud during the review.