**FOR IMMEDIATE RELEASE**

FOR IMMEDIATE RELEASE

DATE: [Current Date]

LOCATION: New York, NY

HEADLINE: Prominent Attorney Jake Shane Indicted on Federal Fraud Charges; Alleged $14 Million Investment Scheme Targeted High-Net-Worth Clients

NEW YORK — In a development that has sent shockwaves through the legal and financial communities, the U.S. Attorney’s Office for the Southern District of New York announced today the unsealing of a 14-count federal indictment against 52-year-old attorney Jacob “Jake” Shane. The charges stem from an alleged multi-year, $14 million Ponzi-style investment scheme that authorities claim defrauded at least 40 victims.

WHO: The defendant is Jacob “Jake” Shane, a former partner at the now-dissolved corporate law firm Barlow, Reid & Shane. Shane was arrested this morning without incident at his residence in Westchester County.

WHAT: Shane faces one count of securities fraud, one count of wire fraud, and 12 counts of money laundering. The indictment, filed yesterday, alleges that between January 2019 and December 2024, Shane solicited investments for a purportedly exclusive, low-risk hedge fund he called “Shane Capital Partners.” Prosecutors contend the fund was a complete fiction.

WHEN: The alleged criminal activity spanned a five-year period, concluding with the fund’s sudden collapse in late December 2024. Shane’s initial court appearance is scheduled for this afternoon before U.S. Magistrate Judge Katherine A. Walsh.

WHERE: The scheme was primarily operated out of Shane’s former law office in Midtown Manhattan and through a series of shell companies registered in Delaware and the Cayman Islands.

WHY: According to the indictment, Shane promised consistent annual returns of 8 to 12 percent, leveraging his reputation as a trusted fiduciary. Instead of investing client funds, authorities allege he used the money to purchase a