My pet peeve with the American criminal justice system is the reluctance of the judiciary to impose the maximum 20-year sentence for money laundering, even in the most egregious cases. Today's court news involves such a sentence, where it was richly deserved.
ANDREW HAMILTON JACOBUS, a South Florida based financial advisor, who was in truth and in fact operating a Ponzi scheme, received a twenty year sentence from Miami-based U.S. District Judge JACQUELINE BECERRA. Jacobus defrauded his 150 victims, which included members of the Venezuelan clergy, of more than $94m. He was convicted of money laundering and wire fraud.
The press release from the U.S. Attorney says it all:
“This was a $94 million international fraud built on lies and broken trust,” said U.S. Attorney Jason A. Reding Quiñones for the Southern District of Florida. “The defendant preyed on families, professionals, and faith-based institutions across our community and beyond. At 64 years old, he was sentenced to 20 years in federal prison. That sentence reflects the real harm to victims and sends a clear message: sophisticated financial fraud will be exposed and punished in South Florida."
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