PE Firm Founder, Ex-GOP Candidate Charged With $50 Million Fraud

A private equity firm founder and onetime Republican candidate for governor of New Hampshire was charged with scamming investors out of more than $50 million.

Jay Lucas, founder and managing director of Lucas Brand Equity, allegedly made false claims both about his credentials and investment strategy to raise millions of dollars for three private funds. He then used much of the money for personal expenses and unrelated ventures, treating the funds he managed like “cookie jars,” Manhattan federal prosecutors said in an indictment unsealed Thursday.

Lucas, 71, pleaded not guilty Monday before US District Judge Jennifer Rochon in Manhattan ...