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Communications - Friday, July 13, 2007

Net Scam Artist Bilks Investors, Including Mother-in-law, Out Of $21M

Over the past decade, scam artist Brent Kovar's companies raised $22M from investors, including from a group in Kuwait and Saudi Arabia ($13M) to his own mother-in-law ($40K).

Kovar is a real piece or work. One of his big scams - a company called Satellite Access Systems - claims to have had developed technology that could download feature length films in seconds. He duped investors with an impressive demo that he faked. While we feel sorry for investors, this does seem like something that anyone with basic knowledge of Internet technology could see through.

Kovar had all the spending habits of a your scam artist - ellaborate spending on Hummers fleets, diamonds for employees, sky boxes, yachts, and so on.

Read - Invention was too good to be true. Brent Kovar got investors and employees to believe his invention was the next big thing, but nobody's ever seen it. (St. Petersberg Times)
via - Valleywag