South Brunswick Police charged a financial planner from Marlboro with stealing $135,000 from a township senior citizen.
Jordan Zemlock, 49, of Hemingway Court in Marlboro, is facing second-degree theft charges after turning himself into police headquarters Wednesday morning.
Zemlock, who owns the JZ Financial Group, allegedly told the 74-year-old victim 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.
Police said the JZ Financial Group has investors in several states. The 74-year-old South Brunswick man is the first identified victim and Allianz Insurance is currently doing a complete audit of funds related to Zemlock, police said.
Zemlock posted $50,000 bail and was released pending his first court appearance. If convicted he faces up to ten years in jail.