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Former Investment Advisor and Agent Surrenders

10/22/2002

CORAL SPRINGS - Former John Hancock representative Jay J. Gelfenbaum surrendered to investigators with the state's Division of Insurance Fraud Monday. Gelfenbaum is accused of stealing thousands of dollars from at least one client, nearly depleting her investment accounts.

Gelfenbaum, 45, of Coral Springs was charged with two counts of second-degree felony grand theft and six counts of third-degree felony grand theft for stealing more than $170,000 from a former client. Gelfenbaum was booked into the Broward County jail last night and is being held on $17,000 bail.

In 1999, Gelfenbaum pleaded guilty to separate charges of first and second-degree grand theft and was sentenced to 30 years probation and ordered to pay $250,000 in restitution. Subsequently, his life, health, and variable annuities licenses were revoked by the department.