Jay Lucas, a 71-year-old from Portsmouth, faces several fraud charges announced by the U.S. Department of Justice. The indictments highlight alleged wire fraud and money laundering practices connected to his ownership of the now-defunct Eagle-Times newspaper.

An investigation unveils that Lucas misrepresented his ties to a well-known private equity firm, which subsequently led to legal action against him. Further complications arose as he claimed to have co-founded a private equity business called Lucas Brand Equity, promising to enhance emerging brands’ growth potential. However, the agreement failed to yield any returns for investors, and those involved reported significant financial losses.

Over the past eight years, Lucas reportedly secured millions from private investors, misusing the funds for personal expenses such as alimony and rent, along with other ventures, including an initiative to revive the newspaper in Newport, N.H. The U.S. Attorney’s office for the Southern District of New York revealed that the total amount defrauded reaches $50 million.

Lucas’s use of investor funds was primarily aimed at personal gain, with money allegedly diverted to cover expenses unrelated to business, including funding political consultants and lavish marketing endeavors for Immunocologie, a skincare company operated by his wife. Many investors were reportedly ignorant of the connection between Lucas and the firm, which predominantly allocated resources toward social events and luxury retreats rather than genuine business development.

He purchased the Eagle-Times from Sample News Group in 2022, which had acquired the publication during bankruptcy proceedings. Following his political career, he relocated to Florida before returning to New Hampshire and New York City, where he established his investment firms in 2017, which prosecutors now label as a classic Ponzi scheme.

The Eagle-Times ceased operations in June 2025 amid financial strain, following mass resignations by staff over unpaid wages. Once a state representative, Lucas previously led efforts to revitalize local communities through initiatives and attempted a gubernatorial campaign as a Republican in 1998, but was defeated.