A Grand Jury has indicted Revenue Join founder Brent Carson Kovar.
Kovar, a Nevada resident, was indicted on February twelfth and arrested on February thirteenth.
Revenue Join was an MLM crypto Ponzi launched in 2020. The rip-off was initially co-founded by Eddie Kona and Kovar, nonetheless Kona died in Might or June 2021.
A month or so later the SEC filed civil fraud prices, alleging Revenue Join was a $12 million Ponzi scheme.
Kovar’s nine-page indictment prices him with twelve counts of wire fraud, three counts of mail fraud and three counts of cash laundering.
From Kovar’s indictment;
Usually, the defendant falsely represented that Revenue Join was a worthwhile, up-and-running firm that mined cryptocurrency and verified cryptocurrency transactions, paid traders a hard and fast price of return of 15%-30% APR, and offered a 100% money-back assure.
In actuality, because the defendant then and there properly knew, Revenue Join
- was not a worthwhile, up-and-running firm,
- didn’t and couldn’t pay mounted charges of return to traders, and
- had no respectable means to again its 100% money-back assure.
Furthermore, as an alternative of utilizing investor cash as promised, the defendant used investor cash to, amongst different issues, function Revenue Join, purchase items for workers, purchase a home for himself, and repay traders as if these repayments got here from mining cryptocurrency and verifying cryptocurrency transactions.
In complete, the defendant obtained roughly $24 million from a minimum of 400 traders.
At his February thirteenth arraignment, Kovar pled not responsible to all eighteen prices. Kovar was launched on a private recognizance bond at his arraignment.
Given Kovar has already settled civil Revenue Join fraud prices with the SEC, I believe it’s fairly apparent we’ll see a responsible plea in some unspecified time in the future.
If he doesn’t plead responsible and proceeds to trial, Kovar, 58, faces a most penalty of 330 years in jail and $4.5 million wonderful.
Kovar’s Revenue Join trial has been scheduled for April eighth, 2025.