$94M Ponzi Scheme: Advisor Faces 40 Years

A hand holding a yellow marker drawing a radioactive symbol next to the text 'PONZI SCHEME'

A Fort Lauderdale financial advisor has pleaded guilty to running a nearly 20-year Ponzi scheme that mainly defrauded Venezuelan investors out of $94 million, exploiting vulnerable foreign nationals who trusted American financial institutions.

Story Snapshot

Andrew Hamilton Jacobus, 64, pleaded guilty to wire fraud and money laundering charges.
The scheme spanned from 2004 to 2023, targeting primarily Venezuelan nationals for $94 million.
Jacobus operated through fraudulent entities that promised high-yield investment returns.
He faces up to 40 years in federal prison for the combined charges.

Two-Decade Fraud Operation Targets Vulnerable Foreign Investors

Andrew Hamilton Jacobus operated his fraudulent scheme through two primary entities under his control: Kronus Financial Corporation and Finser International Corporation. The 64-year-old falsely presented himself as an experienced financial advisor managing legitimate investment portfolios while systematically stealing client funds. His victims were predominantly Venezuelan nationals, many likely seeking safe haven for their assets amid their country’s ongoing economic and political turmoil. This targeting of vulnerable foreign investors demonstrates a calculated predatory approach that exploited trust in American financial institutions.

Fort Lauderdale Financial Advisor Pleads Guilty to $94 Million International Investment Fraud Scheme
🔗: https://t.co/CtmcXTq3Hi @IRSCI_Miami pic.twitter.com/7aAmAVktDN

— US Attorney Reding Quiñones (@USAO_SDFL) November 20, 2025

Classic Ponzi Structure With Forged Documentation

Court documents reveal Jacobus employed traditional Ponzi scheme tactics, using new investor funds to pay returns to earlier clients while diverting substantial amounts for personal luxury expenses. He promised access to secure investment products with high-yield returns, creating fake account statements and falsified documents to maintain the illusion of legitimate operations. This deceptive practice allowed the scheme to continue for nearly two decades, from 2004 to 2023, before federal authorities intervened. The sophistication of his document forgery enabled him to maintain credibility with international investors who relied on these materials to assess their investments.

Federal Prosecution Delivers Justice

On November 14, 2025, Jacobus pleaded guilty to wire fraud and money laundering charges in federal court. Each count carries a maximum penalty of 20 years in federal prison, meaning he potentially faces up to 40 years behind bars. The U.S. Attorney’s Office for the Southern District of Florida handled the prosecution, demonstrating federal commitment to protecting both domestic and international investors from financial fraud. A federal judge will determine his final sentence after considering the U.S. Sentencing Guidelines and other relevant factors, including the scope and duration of his criminal enterprise.