The former director of a US-based advice firm has been sentenced to 10 years' imprisonment by a New Jersey court for defrauding clients out of nearly US$1.5 million.
Jordan Zemlock, a resident of New Jersey’s Marlboro Township and former director of JayZee Financial Group, previously pleaded guilty to the theft of assets from more than 20 advice clients, and has subsequently been sentenced and ordered to repay the stolen monies, according to New Jersey’s Star Ledger newspaper.
An investigation by the Middlesex County Prosecutor’s office found that at least one of the theft charges involved deceiving a client about investment in an Allianz insurance account, and that the stolen funds were used to purchase personal items such as designer clothing and accessories, a payment on his Mercedez-Benz vehicle and tickets to a Phoenix Suns basketball game.
Zemlock was licensed to provide financial and insurance advice in his home state, as well as in Connecticut, Delaware, Florida, Georgia, Minnesota, New York, Pennsylvania and South Dakota.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 16 Nov 2018Government sets $51m to pursue misconductBy Eliot Hastie
- 16 Nov 2018The financial advisers most people don’t read aboutBy James Mitchell
- 16 Nov 2018Clients expect advisers to understand their situationBy Eliot Hastie
- 16 Nov 2018Retirees hit hardest by franking credit changes, says FSCBy Sarah Simpkins
- 16 Nov 2018Trust in advice more important than everBy Stephanie Aikins
- 15 Nov 2018We’ll lose advisers through FASEA but it’s necessaryBy Adrian Flores
- view all