A New Jersey insurance agent has been sentenced to serve up to 10 years in state prison for defrauding 20 clients out of more than $1.4 million.
Jordan L. Zemlock, 50, of Marlboro, N.J., also was ordered to pay restitution of about $1.4 million that he pleaded guilty to taking from clients between 2009 and 2012, according to Middlesex County Prosecutor Bruce J. Kaplan.
Zemlock, who owned Jay-Zee Financial Group Inc., in East Brunswick, also held himself out to be a financial advisor. Prosecutors said most victims were senior citizens.
Zemlock earlier had pleaded guilty to theft by failure to make the required disposition of property received. His fraud was uncovered after a client became suspicious of Zemlock’s investment advice, would not give him $129,000, and contacted police.
Investigations showed that Zemlock took money from clients, promising he would invest the money but instead using it for personal use, according to prosecutors.
In addition to New Jersey victims, a Florida man also said he was unable to recover nearly $150,000 that he said he had invested with Zemlock.
In addition to holding an insurance license in New Jersey, Zemlock was also licensed in Connecticut, Delaware, Florida, Georgia, Minnesota, New York, Pennsylvania and South Dakota.