A  purported financial advisor and insurance agent who operated under the name Jay-Zee Financial Group has pleaded guilty to defrauding 21 clients, mostly senior citizens, out of nearly $1.5 million, according to prosecutors.

Jordan L. Zemlock, 50, of Marlboro Township, N.J., pleaded guilty Feb. 4 to theft by failure to make the required disposition of property received. He was also charged with theft by deception and witness tampering for asking investors not to talk to police about missing funds, according to the Middlesex County Prosecutor's Office in New Brunswick, N.J.

He will be sentenced in Middlesex County Superior Court in New Brunswick on April 12. He faces up to 10 years in jail and an order to pay restitution to clients,  according to Middlesex Assistant Prosecutor Thomas Manion.

Zemlock apparently named the firm after his initials. Prosecutors are unaware of any connection between Zemlock and rap singer Jay-Z, said prosecutor's office spokesman James O'Neill.

Zemlock has not been registered with Finra since 2006. He sold life insurance. annuities and mutual funds, and worked for various firms, starting in 1999, according to Finra records.

Zemlock was arrested a total of three times during four weeks in March and April last year after victims came forward, according to prosecutors. He accepted money from people, claiming he would invest it, but he diverted it to his own use instead. He operated his business out of his home and held insurance licenses in nine states including New Jersey. The fraud took place between August 2009 and March 2012.