Shepherd Smith Edwards and Kantas Broker Negligence Lawyers

Shepherd Smith Edwards and Kantas Continues To Represent Investors Who Suffered Losses as a result of Andrew Jacobus

Andrew Hamilton Jacobus (Jacobus), the ex-Florida investment adviser who pleaded guilty to running a $94M Ponzi-style scam, was sentenced to 20 years in prison. Prosecutors contend that Jacobus defrauded at least 70 investors, including a number of Venezuelan nationals. Jacobus misappropriated investors’ money for his own use while paying earlier investors with newer investors’ funds in Ponzi -like fashion. This investment scam, which ran for almost 20 years, involved Jacobus promising to place his victims’ money in purportedly safe investments that generated high returns. Jacobus falsified documents and forged account statements to conceal his fraud.

Shepherd Smith Edwards and Kantas Broker Negligence Lawyers (investorlawyers.com) represent those who were harmed in Jacobus’ Ponzi fraud against the brokerage firms that enabled Jacobus’ wrongful actions, typically because of their own negligence.

For example, a lot of Jacobus’ victims held brokerage accounts at Interactive Brokers, Charles Schwab & Co., and other firms. Those investors entrusted these broker-dealers to keep the investors’ money safe. It is why, a few years ago, one of Jacobus’ victims sued Schwab, which is where he persuaded the claimant to set up an account. This broker-dealer negligence claim was separate from the investment adviser fraud lawsuit that the plaintiff also filed against Jacobu,s and which resulted in an $18.45 million settlement.

Jacobus has since filed for bankruptcy, meaning lawsuits cannot currently be filed against Jacobus and, even if they could be filed, there is no indication that Jacobus has any funds to pay judgments.

If you invested through Jacobus’ FINSER Asset Management or FINSER International Corporation, or one of his other enterprises, such as Corfiser SIMI Fund B.V. or Kronus Financial, you may be able to pursue damages against your broker-dealer.

Investors Defrauded in Jacobus Ponzi Scam Report Massive Losses

One investor, who filed a victim impact statement in criminal court, noted that they had lost $22 million that came out of a lifetime of “honest labor.” This individual accused Jacobus of misrepresenting himself as someone to trust, while falsely promising safety and a minimal annual return of 12%.

The US Securities and Exchange Commission (SEC) has filed a civil case, which was put on hold until the criminal case was concluded. The regulator accuses Jacobus and his Finsner International Corp. and Kronus Financial Corp. of misusing around $17 million from 40 investors’ money. Among those impacted were Venezuelan nationals, including elderly investors, the Catholic clergy, and dioceses in that country.

Why Hire Our Broker Negligence Lawyers Over Your Andrew Jacobus Ponzi Scam Losses?

Shepherd Smith Edwards and Kantas Broker Negligence Lawyers have been investigating Andrew Jacobus and his Ponzi scam for years. Even if the brokerage firms were unaware of Jacobus’ wrongful actions, which they should have known about, you may be able to hold the brokerage firms liable for due diligence failures, breach of fiduciary duty, negligence, and more.

We are seasoned Ponzi scam attorneys ,and over the years, we have helped thousands of investors to collectively recoup many millions of dollars in awards and settlements from broker-dealers and investment advisers. Unfortunately, there are rogue brokers and investment advisers who will use their professional roles to defraud investors.

Call our Broker Negligence Lawyers at (800) 295-9010 or contact us online today to schedule your free case consultation.