FRANKLIN LAKES, N.J. – An unlicensed Glen Rock lawyer from Franklin Lakes who was free on bail pending trial on charges of illegally moving client’s money around was being held on $100,000 bail in the Bergen County Jail after authorities said they learned that he’d bilked clients out of $500,000 in funds.
Jay I. Lazerowitz, 58, whose license to practice law was suspended in January, continued to receive money even though his trust account was frozen, acting Bergen County Prosecutor Gurbir S. Grewal said Saturday.
He also “misapplied entrusted funds by moving and/or utilizing funds outside the terms of the established escrow agreements” – to the tune of a half-million dollars, the prosecutor said. The funds lost to date are in excess of $500,000.
Lazerowitz, who was originally released on a summons on Monday, was re-arrested Friday by members of Grewal’s White Collar Crimes Unit.
He was charged with practicing law without a license and misapplying entrusted property and given an Oct. 5 arraignment date in Central Municipal Court in Hackensack.