Profit Connect
A Las Vegas company that the SEC said was a $12M+ Ponzi scheme: it told 277+ investors their money would be invested in securities and crypto via an 'artificial intelligence supercomputer' guaranteeing 20–30% annual returns. The SEC halted it in 2021; over 90% of funds came from investors.
Also known as: Profit Connect, Profit Connect Wealth Services
Summary
Profit Connect Wealth Services, run by Joy Kovar and her son Brent Kovar, marketed (from ~2018) fixed returns of 20–30% per year with monthly compounding, supposedly generated by an "artificial intelligence supercomputer" (named "Orwell" and "Tesla") trading securities and cryptocurrency and from bitcoin mining. [1][2]
The fraud
Per the SEC, there was no such investing: over 90% of Profit Connect's funds came from investors, and the Kovars misused the money — transferring millions to Joy Kovar's personal accounts, paying ~$3M in promoter commissions, and making Ponzi-like payments. The scheme targeted retirement funds and home equity, raising $12M+ from at least 277 investors. The SEC obtained an emergency asset freeze in July 2021. [1][2]
Status
The SEC action was civil; Brent Kovar (a recidivist) was later indicted on federal fraud and money-laundering charges in 2025. [1][2]
Bracketed numbers refer to the numbered sources listed below.
People & entities involved
- Joy KovarFounder & presidentIndividualsFounder 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.
- Brent KovarCo-operatorIndividualsSon of Joy Kovar and a 'recidivist' co-operator of Profit Connect, who promoted its fake 'AI supercomputer.' Charged civilly by the SEC in 2021 and later indicted on federal fraud and money-laundering charges in 2025.
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.