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Former New Hampshire Governor Candidate Pleads Guilty to $50 Million Investment Fraud

2026-07-28 13:42:15

According to the U.S. Department of Justice, Jay Lucas pleaded guilty to securities fraud, wire fraud, money laundering and investment adviser fraud in the U.S. District Court for the Southern District of New York. Lucas operated three private investment funds and allegedly misappropriated approximately $50 million in investor capital, using new funds to repay earlier investors while diverting money to personal expenses, political activities and his wife's luxury skincare business, Immunocologie. Prosecutors said roughly 40% of portfolio company capital ultimately flowed to the skincare business despite its limited revenue. Lucas also allegedly made false claims about co-founding a well-known private equity firm to attract investors. Sentencing is scheduled for November 12.

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