WTF?! In what sounds like the plot from a poorly conceived comedy, an 86-year-old mother and her 54-year-old son have been accused of being part of a Ponzi scheme that promised to use supercomputers and AI to invest in securities trading and cryptocurrency.
According to the Securities and Exchange Commission’s complaint, Las Vegas-based Joy Kovar and her son Brent raised $12 million from at least 277 retail investors since May 2018 for a company with the suspiciously generic name of Profit Connect Wealth Services.
The pair allegedly encouraged investors to use money from their retirement funds, home equity, and educational funds for their families. Victims were lured by the promise of fixed returns of 20-30 percent per year with monthly compounding interest.
Those attractive returns were supposedly achieved through investment in traditional securities and cryptocurrency based on the recommendations of an…