Joy Kovar
Founder and president of Profit Connect, which the SEC called a $12M+ Ponzi scheme built on a fictitious 'AI supercomputer.' The SEC said she moved millions of investor dollars to her personal accounts.
Also known as: Joy Irene Kovar
Note: The SEC's action against Joy Kovar was civil.
Bio
Joy Irene Kovar founded and ran Profit Connect in Las Vegas, promising guaranteed 20–30% annual returns from an "artificial intelligence supercomputer." The SEC said the supercomputer story was false, over 90% of funds came from investors, and she transferred millions to her personal bank accounts while the scheme made Ponzi-like payments. [1][2]
Status
The SEC obtained an emergency asset freeze and charged Kovar civilly in July 2021. [1][2]
Bracketed numbers refer to the numbered sources listed below.
Linked scams & cases
Sources (2)
See also
- Bitcoin Latinum (LTNM)TokensA ~$16M token offering (SAFTs for 'Bitcoin Latinum' / LTNM) that the SEC charged in 2026 as fraud: founder Donald Basile falsely called LTNM 'the world's first insured digital asset' backed by an 'existing trust,' neither of which existed, and diverted investor funds for personal use (including a $160,000 horse).
- Loci (LOCIcoin)TokensA 2017–2018 ICO for 'LOCIcoin' tied to the InnVenn IP-search platform. The SEC charged Loci and CEO John Wise with fraud for raising $7.6M on false claims about revenue, headcount, and user base; Wise also misused investor funds. Settled with a $7.6M penalty and an officer/director bar.
- Blockchain Terminal (BCT)Tokens
This page was last updated on Jun 8, 2026. View revision history.