Bail Set At $100K For Attorney Pinched For Practicing Law With Suspended License & Receiving, Misapplying Over $500K In Entrusted Client Funds

From the Office of the Bergen County Prosecutor:

• Acting Bergen County Prosecutor Gurbir S. GREWAL announced the arrest of JAY I. LAZEROWITZ, a 58-year-old Franklin Lakes, New Jersey man, on Unauthorized Practice of Law and Misapplication of Entrusted Property charges.
  
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  The investigation, which was based on civilian complaints and information received from the New Jersey Office of Attorney Ethics revealed the following:
  
  Jay I. LAZEROWITZ, whose license to practice law was suspended on January 27, 2016, failed to comply with Attorney Ethics regulations and continued to practice law. Even though his Attorney Trust Account was frozen as a result of his suspension, Mr. LAZEROWITZ continued to receive monies in trust. Mr. LAZEROWITZ received those entrusted funds and placed them into regular, business type checking accounts.
  
  During the course of the investigation, it was determined that Mr. LAZEROWITZ also misapplied entrusted funds by moving and/or utilizing funds outside the terms of the established escrow agreements. The funds lost to date are in excess of $500,000.
  
  On September 19, 2016, Jay I. LAZEROWITZ was charged on a Warrant issued by the Bergen County Central Municipal Court. On September 23, 2016, Mr. LAZEROWITZ was arrested by members of the Bergen County Prosecutor’s Office White Collar Crimes Unit. [...] Mr. LAZEROWITZ was remanded to the Bergen County Jail in lieu of bail set at $100,000 with a ten percent cash alternative [...].

Source: Jay Lazerowitz Of Franklin Lakes Charged With Unauthorized Practice Of Law.