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Financial Planner Charged Again for Bilking Clients

Monmouth County insurance salesman and financial advisor charged for third time in four weeks for allegedly defrauding senior citizens.

A Monmouth County insurance salesman and financial advisor was charged for the third time in four weeks with defrauding clients. Jordan Zemlock, 50, of Hemingway Court in Marlboro, was accused of defrauding five clients for an aggregate total of about $300,000, and for attempting to bilk an additional client of $129,000, according to the Middlesex County Prosecutor's office.  

Zemlock, who owns a business called Jay-Zee Financial Group Inc., was arrested again on April 20 after a senior citizen became suspicious of his investment advice before contacting police. Zemlock was charged with attempted theft by deception and theft by failure to make required disposition.

Authorities said the thefts occurred between August, 2009 and March, 2012, with the majority of the victims senior citizens.

Zemlock was from South Brunswick that his money was being invested in an Allianz Insurance account during November last year, according to police. The victim then noticed that funds were missing from his account statement, and he asked Zemlock for an explanation. Police said Zemlock told the victim that he put the funds in the wrong account. The victim eventually reported the fraud to police during the first week of February this year.

Investigators discovered that the victim's money was allegedly placed into Zemlock's personal account and was used for his personal expenses, according to police.

Authorities said Zemlock used the money to make a $1,109 payment on his Mercedes Benz, spent $714 to purchase a designer purse from Michael Kors, spent $1,364 on a Louis Vuitton women’s designer purse, spent $497 at Gucci, spent $1,083 at Saks 5th Ave, made a $4,000 credit card payment, and spent $476 on tickets to a Phoenix Suns game.

A subsequent investigation revealed that Zemlock accepted over $300,000 from five other clients, according to police. Zemlock allegedly promised the clients that he would invest the money they gave him, but he then diverted it for his personal use, according to the Prosecutor's Office.

Following the charges in the South Brunswick fraud case, a Florida man contacted police, and said he was unable to recover a $148,000 investment from Zemlock. Following an investigation, Zemlock was charged with theft by deception and two counts of witness tampering, for allegedly asking investors not to speak with police about the missing funds.

An investigation by South Brunswick Police Det. Ronald Seaman and Investigator Donald Heck of the Middlesex County Prosecutor’s Office determined that Zemlock has been operating his business out of his home in Marlboro. In addition to an insurance license New Jersey, Zemlock is also licensed to conduct business in Connecticut, Delaware, Florida, Georgia, Minnesota, New York, Pennsylvania, and South Dakota.

Zemlock is being held at the Middlesex County Adult Correction Center in North Brunswick, in lieu of $500,000 bail.

Anyone who may have information on business dealings with Zemlock is asked to contact Det. Seaman of the South Brunswick Police Department at 732-329-4646, or Investigator Heck of the Middlesex County Prosecutor’s Office at 732-745-8848.

Joy Willinger May 01, 2012 at 02:55 PM
How do these people think they won't get caught????
Jack Wagon May 01, 2012 at 11:32 PM
Third tiime a charm?
Joe R May 02, 2012 at 07:31 PM
It's buyer beware. And as it turns out, some of the biggest financial institutions like Lehman Brothers, Morgan Stanley, AIG, etc, ad nauseam had similar ethics to the accused scam artist in the article. How many more financial scam artists are still out there ripping innocent people off? How many stars are in the heavens? We definitely need more regulations, stronger enforcement and oversight of the financial services industry.

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