SEC v. Profit Connect Wealth Services, Inc., et al. (2021)

Alleged — pending

These are allegations. SEC has filed an action; nothing in it has been proven, and the respondents have not been found liable. Everything described on this page is what the regulator alleges, not what a court has found. See our editorial policy.

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In July 2021 the SEC filed an emergency action against Profit Connect Wealth Services, Joy Kovar and her son Brent Kovar of Las Vegas over an alleged offering fraud that raised more than $12 million from at least 277 investors by claiming an artificial intelligence supercomputer generated 20 to 30% yearly returns. A court froze assets.

The record

Structured fields for this action, as recorded in our case library.
Agency	SEC
Release number	LR-25144
Date filed	2021-07-20
Court	U.S. District Court, District of Nevada
Status	filed
Criminal parallel	No
Defendants	Profit Connect Wealth Services, Inc. (entity) ; Joy I. Kovar (individual) ; Brent C. Kovar (individual)
Cited as charged or alleged	Exchange Act s.10(b) and Rule 10b-5 ; Exchange Act s.20(a) ; Securities Act s.17(a) (statutes and rules cited in the document; not a finding that they were violated)
Techniques

What was ordered

Civil penalty: —
Disgorgement: —
Prejudgment interest: —
Total relief: —
Alleged gain: —

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars.

What is alleged to have happened

The SEC announced the case on July 20, 2021 (LR-25144) in the District of Nevada, filed July 8. Over 90 percent of Profit Connect's funds came from investors, and the money went to Joy Kovar's account, promoters and some Ponzi-like payments to other investors.

The Ponzi tag is removed because the release is headed an offering fraud, with Ponzi-like payments one use. The record showed the status as unknown and ran two defendants together; the status is filed and the three are listed.

Timeline

2021-07-20 Litigation release published

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

SEC litigation release

The linked release is a work of the United States government and is not subject to copyright. Our summary and narrative above are our own writing.

Record added September 10, 2026. If this matter has since resolved, been withdrawn or been dismissed, we want to know: submit a correction.