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
World Liberty Financial (WLFI) — Justin Sun token freezeProjectsWLFI, a DeFi project linked to Donald Trump and his family, blacklisted/froze the wallet of major investor Justin Sun in Sept 2025 — ~540–595M unlocked WLFI tokens (~$107M) plus ~2.4B locked. Sun sued, alleging an undisclosed admin 'blacklist backdoor'; WLFI denied it and threatened a countersuit. The dispute is ongoing.
Gala Games exploitTokensOn May 20, 2024 an attacker abused a privileged minter account on the GALA token contract to mint 5 billion GALA (≈$200M+ nominal) and dumped ~600M of them for ~$22M of ETH before Gala froze the address. Gala Games called it an internal access-control failure; the attacker later returned the ~$22M.
This page was last updated on Jun 15, 2026. View revision history.
