A Fort Lauderdale financial advisor has pleaded guilty to charges stemming from a scheme spanning nearly 20 years that defrauded international investors, mostly Venezuelan nationals, for more than $94 million, according to information provided by the U.S. Attorney’s Office for the Southern District of Florida.
Court documents showed that 64-year-old Andrew Hamilton Jacobus falsely portrayed himself as a seasoned financial advisor who was managing legitimate investment portfolios while using those funds for personal use, and to pay returns to earlier investors in classic Ponzi-scheme fashion, officials said.
Officials said that between 2004 and 2023, Jacobus solicited funds through entities under his control, including Kronus Financial Corporation and Finser International Corporation, and was promising access to secure investment products and high yield returns.
However, officials said Jacobus was forging account statements, falsified documents and was diverting client funds for those luxury personal expenses and Ponzi payments.
Jacobus pleaded guilty to wire fraud and money laundering on Nov. 14 and now faces a maximum penalty of 20 years in federal prison for each of the counts.
Officials said that a federal judge would determine a sentence for Jacobus after considering the U.S. Sentencing Guidelines and other factors.