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
Luke BelmarIndividualsCryptocurrency influencer Luke Belmar (@lukebelmar on X) became the subject of controversy following allegations related to the promotion of a memecoin. Critics on social media alleged that Belmar used a series of posts referencing a forthcoming cryptocurrency project and a large-scale airdrop to generate interest in a token without explicitly identifying a specific contract address. Belmar published multiple posts discussing an upcoming memecoin, describing plans for what he characterized as a major airdrop and making comparisons to other cryptocurrency projects. Because no contract address was publicly provided, several tokens emerged claiming association with his statements. Critics alleged that this ambiguity enabled speculation around multiple tokens while avoiding a direct endorsement of any particular asset.
HEX / PulseChain (Richard Heart)ProjectsCrypto projects (HEX, PulseChain, PulseX) created by Richard Heart (Richard Schueler). In July 2023 the U.S. SEC sued him for offering unregistered securities that raised $1B+ and for allegedly misappropriating ~$12M for luxury goods (including a 555-carat diamond). A court dismissed the case in 2024 for lack of U.S. jurisdiction; there was no finding of wrongdoing and Heart denies the allegations.
This page was last updated on Jun 15, 2026. View revision history.
