Advisor Gets 20 Years for $94M Scheme Targeting Venezuelans
A Fort Lauderdale, Fla.-based advisor has been sentenced to 20 years in prison for a scheme to try and defraud mostly Venezuelan investors of $94 million, according to court documents filed in U.S. District Court in Miami and reporting by the Miami Herald.
Andrew Jacobus had pleaded guilty in November to wire fraud and money laundering in the federal court in Florida. The Securities and Exchange Commission had charged Jacobus in a civil case earlier in 2025, pegging investors’ total losses at about $17 million. Those charges were put on hold pending the criminal case.
According to the SEC and court documents, Jacobus’ victims were primarily Venezuelan nationals, including the elderly and Catholic Church clergy, who he duped into sending him money that he used for personal reasons or to funnel to other clients in a Ponzi scheme fashion, rather than the investments he was claiming to make for them.
Judge Jacqueline Becarra handed down the 20-year sentence earlier this week, with the 64-year-old Jacobus receiving 20 years for wire fraud and 10 years for money laundering, both to run concurrently. He will also face three years of supervision after release and must pay restitution, with that hearing set for May 26, according to the Miami Herald.
“These sentences seem to be getting bigger,” said Jason Kellogg, a partner and Miami-based commercial litigator at Kellogg Lehman Schneider & Grossman, who was not involved in the case. “In Jacobus’ case, the judge threw the book at him, imposing the maximum sentence. Hopefully, this emboldens future prosecutors to seek the maximum as well.”
Jacobus’ fraud began in 2004, when he falsely portrayed himself as a “seasoned” financial advisor, according to SEC allegations and court documents. He purportedly operated funds through entities under his control, including Kronus Financial Corporation and Finser International Corporation.
According to the allegations, from 2015 through April 2024, Jacobus told clients to deposit money into U.S. bank and brokerage accounts in his name, promising to invest in securities, including limited partnership interests in a fund that purportedly invested in IPOs. According to the initial court indictment, Jacobus was promising clients returns of 12% to 15% per year.
Instead, he used the money for personal expenses, including mortgage payments, property taxes, real estate, travel and vehicles, as well as Ponzi-style payments to other clients. He allegedly created false account statements and documentation to dupe his victims.
According to the DOJ and SEC, Jacobus primarily targeted Venezuelans, with the commission finding he stole about $3.2 million from Catholic Church clergy and dioceses in Venezuela.