United States Attorney for the Southern District of New York, Jay Clayton, announced today that JAY LUCAS, the founder and managing partner of Lucas Brand Equity LLC (“LBE”), a private equity fund based in Manhattan, pled guilty to securities fraud, investment adviser fraud, wire fraud, and money laundering in connection with a scheme to raise over $50 million from investors by falsely representing that their money would be invested in early-stage health and wellness companies.
Source: U.S. Department of Justice