Friday, November 10, 2017
A New Jersey attorney consented to disbarment
A Franklin Lakes man was arrested Friday on charges he continued to practice law after his license was suspended and he misappropriated more than $500,000 in funds, the prosecutor's office said.
Jay Lazerowitz, 58, was charged with unauthorized practice of law and two counts of misapplication of entrusted property, Acting Bergen County Prosecutor Gurbir S. Grewal said in a press release.
The Bergen County Prosecutor's Office White Collar Crimes Unit began investigating Lazerowitz after they received several complaints, the prosecutor said.
They found that even though Lazerowitz's law license was suspended in January, he continued to work as a lawyer, Grewal said.
While his attorney trust account was frozen as a result of the suspension, he continued to receive entrusted funds and deposited them in regular business checking accounts, the prosecutor said. He then moved and/or used funds outside of the escrow agreements, Grewal said.
To date, more than $500,000 were misappropriated, according to the prosecutor.
A warrant was issued for his arrest Monday and he was arrested on Friday in Paramus without incident.
He was remanded to the Bergen County Jail in lieu of $100,000 bail with a ten percent option. He is scheduled to appear in court on Oct. 5th.