SEC: Mother-Son Pair Stole $12 Million by Promising to Have an AI Invest in Crypto


What do artificial intelligence, supercomputers, and cryptocurrencies have in common? They’re all popular topics of conversation that very few people truly understand. Oh, and the Securities and Exchange Commission (SEC) said they were all used in a Ponzi scheme that raised $12 million from at least 277 retail investors. 

The SEC accused 86-year-old Joy Kovar and her 54-year-old son, Brent, of raising funds for a company called Profit Connect Wealth Services by “assuring investors that their money would be invested in securities trading and cryptocurrencies based on recommendations made by an ‘artificial intelligence supercomputer'” since at least May 2018.


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