$94 Million Faith-Based BETRAYAL Rocks Catholics

Two men shaking hands, one holding hidden knife.

A Fort Lauderdale financial advisor’s guilty plea exposes a shocking 19-year Ponzi scheme that deliberately targeted Venezuelan Catholics and their religious organizations, stealing $94 million from vulnerable immigrants who trusted their faith community connections.

Story Highlights

Andrew Hamilton Jacobus, 64, pleaded guilty to wire fraud and money laundering after operating a Ponzi scheme from 2004-2023
The scheme specifically targeted Venezuelan nationals and a Catholic priests’ retirement nonprofit, exploiting faith-based trust networks
Jacobus used fake account statements and two shell companies to conceal the $94 million fraud over nearly two decades
Federal prosecutors are pursuing asset forfeiture while victims face the grim reality that full restitution is unlikely

Predator Targets Faith Community

Andrew Hamilton Jacobus exploited the trust inherent in Venezuelan Catholic communities by specifically targeting a nonprofit organization dedicated to supporting Venezuelan Catholic priests’ retirement and healthcare. This calculated targeting demonstrates how fraudsters deliberately exploit faith-based networks where victims are more likely to trust recommendations from community leaders. The scheme’s success relied on the cultural and religious bonds that make these communities particularly vulnerable to sophisticated predators who understand their social dynamics.

Sophisticated Deception Operation

Jacobus operated through two corporate entities, Kronus Financial Corporation and Finser International Corporation, creating an appearance of legitimacy while fabricating account statements and investment documentation. He falsely presented himself as a seasoned financial advisor with access to high-yield, secure investment products. In one documented case, a Venezuelan investor transferred $1 million in 2020 based on Jacobus’s false promises, only to watch $120,000 of those funds get redirected to pay other investors in classic Ponzi fashion.

Regulatory Failures Enable Massive Theft

The 19-year operational period raises serious questions about regulatory oversight gaps that allowed this massive fraud to continue undetected. Despite the Securities and Exchange Commission previously sanctioning Jacobus, the scheme continued operating, suggesting fundamental failures in the financial oversight system. This case demonstrates how sophisticated fraudsters can exploit regulatory blind spots while targeting vulnerable immigrant populations who may be less likely to report suspicious activity to authorities.

Justice System Response

Federal prosecutors from the Southern District of Florida, working with IRS Criminal Investigation, built a strong case that led to Jacobus’s guilty plea on November 14, 2025. The charges carry maximum penalties of 20 years in prison for each count of wire fraud and money laundering. While Assistant U.S. Attorney Mitch Hyman handles asset forfeiture proceedings, victims face the harsh reality that recovering their stolen funds remains uncertain given the scale of the losses and typical Ponzi scheme dynamics.