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Vegas Mother-Son Duo Swindled Investors in Crypto Scam, SEC Says

The regulator shut down an alleged fraud by Joy and Brent Kovar, who raised more than $12 million from at least 277 investors.

Cryptocurrency Mining At Green Energy Startup HydroMiner GmbH
Photographer: Akos Stiller/Bloomberg

A mother-son team swindled investors after telling them their money would be invested in securities and cryptocurrencies based on recommendations by an “artificial intelligence supercomputer,” according to the U.S. Securities and Exchange Commission.

The duo raised more than $12 million from at least 277 investors, the regulator said in a statement on Monday. The SEC said it has obtained a temporary restraining order and asset freeze to stop the alleged offering fraud by Joy Kovar, 86, and her son Brent, 54, at Las Vegas-based Profit Connect Wealth Services.