A former Florida investment advisor who pleaded guilty to a years-long, $94 million Ponzi-style swindle that defrauded international investors — mostly Venezuelan nationals — was sentenced Monday to 20 years in prison.
Andrew H. Jacobus, 64, who pleaded guilty to wire fraud and money laundering in November, was sentenced to 20 years in federal prison on the wire fraud count and 10 years for money laundering, with the sentences running concurrently, according to a document filed in U.S. District Court in Miami.
His prison term is to be followed by three years' supervised release, according to the document, which said Jacobus also must make restitution. Restitution is to be determined in May.
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 last year, citing court documents.
Between 2004 and 2023, he solicited funds through entities under his control, "promising access to secure investment products and high-yield returns," according to the office. "In reality, Jacobus forged account statements, falsified documentation, and diverted client funds to luxury personal expenditures and Ponzi payments."
Prosecutors said in a court document that Jacobus defrauded more than 70 investors.
A victim impact statement filed with the court in January stated: "I write these lines with deep pain, but also with a moral responsibility to express, with complete honesty, the irreparable damage this man caused to my life, my family, and everything I built over more than half a century of work. Andrew Jacobus defrauded me of approximately twenty-two million U.S. dollars."
That money "represented my family's entire patrimony, the savings of a lifetime of honest labor, and the foundation meant to secure our retirement, stability, and peace of mind. For more than forty years, I worked without rest, without taking vacations, saving as much as possible. I built companies, created jobs, fulfilled my obligations, and always acted with integrity," the victim wrote.
"I trusted Andrew Jacobus because he presented himself as a serious, close, and trustworthy person. He assured us that our funds would be placed in a safe investment fund, promising a minimum annual return of 12%, intended to protect our future. I believed him. I entrusted him with everything," the statement says. "From the moment I discovered the fraud, my life collapsed."
The Miami Herald reported Monday that about 25 Venezuelans stood up and applauded as a court official handcuffed Jacobus and escorted him from the courtroom.
In a separate civil case filed last year, the Securities and Exchange Commission contended Jacobus and two firms he controlled misused about $17 million from 40 advisory clients, mostly Venezuelan nationals — including Catholic clergy and dioceses in Venezuela and elderly individuals. That case was paused pending the criminal case's conclusion.
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