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Venezuelan Investors Sue Sanctioned Coral Gables Advisor for Millions

A group of wealthy Venezuelans invested millions of dollars with a sanctioned Coral Gables investment advisor. Now, they're suing him, alleging fraud and civil theft.

The advisor, Andrew H. Jacobus, was sanctioned by the US Treasury Department in 2021 for his alleged ties to the Venezuelan government. The Treasury Department accused Jacobus of helping Venezuelan officials launder money and evade sanctions.

Venezuelan Investors Sue Sanctioned Coral Gables Advisor for Millions
Venezuelan Investors Sue Sanctioned Coral Gables Advisor for Millions

Despite the sanctions, Jacobus continued to operate his investment firm, Jacobus Capital Management. He allegedly solicited investments from wealthy Venezuelans, promising them high returns.

However, according to the lawsuit, Jacobus instead misappropriated the investors' funds. He allegedly used the money to fund his own lavish lifestyle and to pay off his debts.

The lawsuit is seeking damages in excess of $100 million. It is the latest in a series of legal challenges facing Jacobus. He is also facing criminal charges in the United States, and he is being investigated by authorities in Venezuela.

The Lawsuit

The lawsuit was filed in Miami federal court in June 2023. It alleges that Jacobus committed fraud and civil theft by promising investors high returns and then misappropriating their funds.

The lawsuit names Jacobus and his firm as defendants. It also names several other individuals and entities, including Jacobus's wife and his son.

The lawsuit alleges that Jacobus used a variety of methods to defraud investors. He allegedly falsified account statements and created fictitious investment opportunities. He also allegedly misrepresented his track record and his qualifications.

The lawsuit alleges that Jacobus misappropriated investors' funds in a variety of ways. He allegedly used the money to fund his own lavish lifestyle, to pay off his debts, and to invest in other businesses.

The lawsuit is seeking damages in excess of $100 million. It is also seeking a court order to freeze Jacobus's assets and to prevent him from transferring any more of the investors' money.

The Impact on the Investors

The lawsuit has had a devastating impact on the investors. Many of them lost their life savings.

One of the investors, a Venezuelan businessman named Carlos Delgado, lost $10 million. Delgado said that he invested with Jacobus because he trusted him. Delgado said that Jacobus promised him high returns and that he would be able to withdraw his money at any time.

However, Delgado said that when he tried to withdraw his money, Jacobus refused. Delgado said that Jacobus lied to him and that he stole his money.

Another investor, a Venezuelan doctor named Maria Gonzalez, lost $5 million. Gonzalez said that she invested with Jacobus because she needed to support her family. Gonzalez said that Jacobus promised her a guaranteed return on her investment.

However, Gonzalez said that Jacobus never paid her any returns. Gonzalez said that she lost her entire investment and that she now has to work multiple jobs to support her family.

The Future of the Case

The lawsuit is still in its early stages. It is unclear when it will go to trial.

If the investors are successful in their lawsuit, they could recover their losses. However, it is also possible that Jacobus will be able to avoid paying damages. Jacobus has a team of experienced lawyers who will fight vigorously to defend him.

The outcome of the lawsuit will have a significant impact on the investors and on Jacobus. If the investors are successful, it could help to deter other investment advisors from defrauding their clients.


The lawsuit against Jacobus is a cautionary tale for investors. It is important to do your research before investing with any financial advisor. You should also be wary of any investment that promises high returns with little or no risk.

If you are considering investing with a financial advisor, you should ask questions about their experience, their qualifications, and their investment strategy. You should also get everything in writing.

If you believe that you have been defrauded by a financial advisor, you should contact an attorney immediately.


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