The Securities and Exchange Commission (SEC) has filed a complaint against Andrew H. Jacobus, Finser International Corporation, and Kronus Financial Corporation.

The document, submitted at the Florida Southern District Court on may 28, 2025, alleges that between at least May 2015 and April 2024 (the “Relevant Period”), Jacobus, Finser, and Kronus misappropriated approximately $17.3 million from 40 advisory clients.

During the Relevant Period, Jacobus advised Clients to invest in investment funds he purportedly managed, as well as other securities. He abused his position of trust based on his fiduciary duty as an investment adviser to several clients by duping them into depositing approximately $39.7 million into various bank and brokerage accounts he controlled, from which he misappropriated client funds and made $7.8 million in Ponzi-like payments to certain clients and other investors.

The defendants allegedly violated Section 17(a) of the Securities Act of 1933 (“Securities Act”) [15 U.S.C. §§ 77q(a)]; Section 10(b) of the Securities Exchange Act of 1934 (“Exchange Act”) [15 U.S.C. §78j(b)] and Rule 10b-5 [17 C.F.R. §240.10b-5] thereunder; and Sections 206(1) and 206(2) of the Investment Advisers Act of 1940 (“Advisers Act”) [15 U.S.C. § 80b-6(1) and (2)].

The SEC said that, unless enjoined, the defendants will continue to violate the federal securities laws. The Commission seeks injunctive relief, as well as disgorgement with prejudgment interest, and civil penalties against the defendants. The Commission also seeks an order imposing a permanent conduct-based injunction against Jacobus.

Kronus was a Florida corporation with its principal place of business in Miami, Florida from February 2017 through its administrative dissolution on September 27, 2024. Kronus served as a holding company for assets and offered consulting services. Jacobus was the sole owner, president, and director of Kronus.

Finser was a Florida corporation located in Coral Gables, Florida from April 2010 through its administrative dissolution on September 27, 2024. Jacobus was the director, president, and sole owner of Finser.

Finser was registered with the Commission as an investment adviser between June 2010 and January 2021, when it filed a Form ADV-W to withdraw its registration. Finser offered discretionary and non-discretionary management and portfolio recommendation services.

On September 24, 2020, Finser and Jacobus agreed to the entry of an administrative order without admitting or denying allegations that they, among other things, charged performance fees to an investment fund Finser managed, the Corfiser SIMI Fund, S.V. (“Corfiser SIMI Fund”), that were contrary to disclosures, and made misrepresentations regarding custody and safekeeping of client assets.

Jacobus, age 62, resides in Ft. Lauderdale, Florida. He at all times has been Finser’s sole owner, president, and chief compliance officer and Kronus’s sole owner, president, and director. Jacobus has been in the global asset management business for over 30 years and has held a Series 65 license.

In June 2024, Jacobus was charged in Broward County, Florida with one count of first-degree grand theft and has pleaded not guilty.