A judge handed down the sentence for a Florida financial advisor who orchestrated an investment fraud scheme, according to Financial Advisor.
64-year-old Andrew Hamilton Jacobus of Fort Lauderdale was sentenced to 20 years in federal prison by U.S. District Judge Jacqueline Becerra. Jacobus pleaded guilty in November to wire fraud and money laundering for operating a decades-long Ponzi-like scheme that defrauded international investors, primarily Venezuelan nationals, of more than $94 million.
According to the U.S. Attorney’s Office for the Eastern District of Florida, Jacobus falsely portrayed himself as a seasoned financial advisor managing legitimate investment portfolios while misappropriating investor funds for personal use and to pay purported returns to earlier investors in classic Ponzi-scheme fashion.
Prosecutors said that over the years, Jacobus solicited funds through entities under his control, including Kronus Financial Corporation and Finser International Corporation, promising investors access to secure investment products and high-yield returns. In reality, Jacobus forged account statements, falsified financial documentation, and diverted client funds to support a lavish personal lifestyle and unrelated business ventures.
Jacobus victimized more than 150 investors whose combined investments exceeded $90 million, the U.S. Attorney said. His scheme spanned multiple continents, with victims located in South Florida, Venezuela, and Spain. Among those defrauded were lawyers, doctors, members of the Venezuelan Archdiocese, former employees, and members of his own family.
“This was a $94 million international fraud built on lies and broken trust,” said U.S. Attorney Jason A. Reding Quiñones for the Southern District of Florida. “The defendant preyed on families, professionals, and faith-based institutions across our community and beyond. At 64 years old, he was sentenced to 20 years in federal prison. That sentence reflects the real harm to victims and sends a clear message: sophisticated financial fraud will be exposed and punished in South Florida.”
“Greed was Jacobus’s greatest tool — paired with a computer and a phone, it fueled a scheme that stole millions and shattered lives,” said Special Agent in Charge Ron Loecker of IRS Criminal Investigation (IRS-CI), Florida Field Office. “IRS Special Agents will continue to work tirelessly to uncover financial fraud and deliver justice to victims.”
More than 20 victims appeared in court for the sentencing hearing, with an additional 80 victims participating remotely.
In a parallel civil case, the Securities and Exchange Commission charged Jacobus and the companies he controlled—including Kronus Financial Corporation and Finser International Corporation—with misappropriating $17 million from 40 advisory clients between 2015 and 2024. Most of the clients, the civil complaint said, were from Venezuela and included elderly people as well as Catholic dioceses.
“He abused his position of trust based on his fiduciary duty as an investment advisor to several clients by duping them into depositing approximately $39.7 million into various bank and brokerage accounts he controlled, from which he misappropriated client funds and made $7.8 million in Ponzi-like payments to certain clients and other investors,” the SEC complaint said.
The SEC case, which seeks permanent injunctions, disgorgement with prejudgment interest, and civil penalties against Jacobus, is pending.
At Hyman Cotter, we have experience dealing with a broad range of claims that rise to the level of financial advisor misconduct. Our team includes lawyers who have worked for large financial institutions, including Morgan Stanley and UBS Financial Services, and regulatory bodies such as the SEC. If you think your financial professional or firm engaged in misconduct that caused you investment losses, contact Hyman Cotter at (844) 316 8277 or through our online contact form for a no-cost evaluation of your matter.
