Florida Investment Advisor Accused of Orchestrating $94 Million Fraud Targeting International Clients
From the desk of Jim Eccleston at Eccleston Law
Federal prosecutors have charged Andrew Hamilton Jacobus, a former investment adviser based in Fort Lauderdale, Florida, with defrauding international investors of over $94 million over 20 years. According to ThinkAdvisor, the criminal case centers on allegations that Jacobus misrepresented his investment credentials and used client funds for personal enrichment and Ponzi-like payments to earlier investors.
Prosecutors allege that between 2004 and September 2024, Jacobus knowingly misled investors—primarily Venezuelan nationals and residents of Florida, Panama, Costa Rica, Spain, and Aruba—by promising annual returns of 12 to 15 percent through legitimate securities investments.
According to the federal indictment, Jacobus instead used investor funds to support a lavish lifestyle, cover mortgage and real estate expenses, purchase luxury vehicles, and funnel money into unrelated entities and ventures.
Additionally, the Securities and Exchange Commission (SEC) filed a civil complaint in May accusing Jacobus and two firms under his control of misappropriating over $17 million from approximately 40 advisory clients. ThinkAdvisor reports that many of the clients were elderly or members of the Catholic clergy in Venezuela. The SEC further claims Jacobus misled clients about investment legitimacy, fund accessibility, and actual account balances, and that he made approximately $7.8 million in Ponzi-like payments.
Without admitting or denying the SEC’s findings, Jacobus consented to injunctive relief barring him from future securities industry activities, as well as to a forthcoming court order for civil penalties and disgorgement.
Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.
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