Florida Financial Advisor Faces Prison After $94M Investment Fraud Guilty Plea

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The US Attorney’s Office has announced that a financial advisor based in Fort Lauderdale, Florida, has admitted orchestrating an international investment fraud scheme that defrauded investors of over $94 million, primarily targeting Venezuelan nationals. 

Andrew Hamilton Jacobus, 64, pleaded guilty on November 14 to wire fraud and money laundering charges from the US District Court for the Southern District of Florida.

Over nearly 20 years, between 2004 and 2023, Jacobus used two entities under his control, namely Kronus Financial Corporation and Finser International Corporation, to solicit investments. 

He presented himself as a seasoned financial adviser offering high-yield, secure investment products. However, Jacobus had actually diverted investor funds for personal use and to pay returns to earlier investors.

According to the US Attorney’s Office, Jacobus forged account statements and falsified documentation to give the appearance of a legitimate investment operation.

Jacobus faces a maximum sentence of 20 years in a US federal prison for each count of wire fraud and money laundering, although the actual term will depend on the court’s application of the US Sentencing Guidelines and statutory factors. Asset forfeiture is also underway.

The case is a reminder of both the potential sophistication and scale of fraud.