NEW YORK, N.Y. – Jay Lucas, owner of the now-defunct Eagle Times, has been indicted by the United States Attorney for the Southern District of New York on charges of securities fraud, investment adviser fraud, wire fraud, and money laundering.
A press release from the U.S. Attorney’s office alleges that Lucas, through his company Lucas Brand Equity LLC, based in Manhattan, “raise[d] more than $50 million from investors by falsely representing that their money would be invested in early-stage health and wellness companies, when in fact it was diverted to cover personal expenses, promote unrelated ventures, and make Ponzi-like payments to earlier investors.”
The attorney’s office goes on to allege that Lucas represented himself as the cofounder of a “well-known private equity firm,” which eventually prompted the firm in question to serve him with a cease-and-desist order. While so doing, Lucas is said to have taken money from investors, and used it on “personal expenses including alimony, rent, a vanity newspaper project in his hometown, and political consultants.”
Lucas grew up in Newport, N.H., and purchased the Eagle Times, based in Claremont, in 2022. After a tumultuous period beginning in late 2024, which included delivery interruptions, claims of unpaid wages, and an employee walk-out, the Eagle Times ceased operations in July of this year. In an open letter to the community at the time, posted to its now-inaccessible website, the Eagle Times said it was “not able to achieve business results sufficient to make the paper financially viable.”
The investigation into Lucas’ activities was carried out in part by the FBI. All but one of the counts with which Lucas is charged carry a maximum sentence of 20 years in prison; investment adviser fraud carries a maximum sentence of five years.