Jay Lucas admits fraud

Jay S. Lucas, a venture capitalist and former New Hampshire gubernatorial candidate, pleaded guilty to federal charges including securities fraud, wire fraud, and money laundering related to a Ponzi-like scheme in which he diverted over $50 million from investors since 2017. He admitted to misleading investors, using their money for personal expenses, and funding unrelated ventures, including his purchase of a local newspaper. Sentencing is scheduled for November, with prosecutors recommending 13-15 years in prison and a fine.

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