A Fort Lauderdale, Florida, man previously registered as an investment advisor has pleaded guilty to charges arising from a years-long scheme that defrauded international investors — primarily Venezuelan nationals — of more than $94 million, according to the Justice Department.
Andrew Hamilton Jacobus, 64, arrested by federal authorities July 17, portrayed himself as an experienced advisor handling legitimate portfolios and offering lucrative returns. However, he misappropriated funds for his own use and to make payments to earlier investors, the U.S. attorney's office for Florida's southern district and an Internal Revenue Service special agent announced in late July, citing a federal indictment.
Jacobus pleaded guilty Nov. 14 to wire fraud and money laundering. He faces a maximum penalty of 20 years in federal prison for each count. A federal district court judge will determine a sentence after considering the U.S. Sentencing Guidelines and other statutory factors.
According to court documents, Jacobus "falsely portrayed himself as a seasoned financial advisor managing legitimate investment portfolios, while misappropriating investor funds for personal use and to pay returns to earlier investors in classic Ponzi-scheme fashion," the U.S. attorney's office for Florida's southern district said in a statement.
Between 2004 and 2023, Jacobus solicited funds through entities under his control, including Kronus Financial Corp. and Finser International Corp., "promising access to secure investment products and high-yield returns," according to the U.S. attorney's office for Florida's southern district. "In reality, Jacobus forged account statements, falsified documentation, and diverted client funds to luxury personal expenditures and Ponzi payments."
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