Ocean County, New Jersey, Business Owner Admits Operating Unlicensed Money Transmitting Business
2017-02-23 · Press release
TRENTON, N.J. – An Ocean County, New Jersey, man today admitted owning and operating an unlicensed money transmitting business, U.S. Attorney Paul J. Fishman announced.
Yisroel Malamud, 53, of Lakewood, New Jersey, pleaded guilty before U.S. District Judge Anne E. Thompson in Trenton federal court to an information charging him with running an unlicensed money transmitting business.
According to documents filed in this case and statements made in court:
Between January 2010 and May 2013, Malamud maintained a retail storefront in Lakewood under the name “Beepers Plus.” Malamud received money from members of the public, deposited the funds into bank accounts that he maintained in the name of different entities, and then transmitted the money from those bank accounts to third-parties within the United States in accordance with the customers’ instructions, charging the customers a fee for this service.
New Jersey law provides that the operation of an unlicensed money transmission business is punishable as a felony. Federal law requires anyone conducting such a business to register the business with the Secretary of the Treasury. Malamud did not possess and failed to obtain a money transmitting license, nor did he register with the Secretary of the Treasury.
The charge to which Malamud pleaded guilty carries a maximum potential penalty of five years in prison and a $250,000 fine. Sentencing is scheduled for June 1, 2017.
U.S. Attorney Fishman credited special agents of the FBI, Red Bank Resident Agency, under the direction of Special Agent in Charge Timothy Gallagher, with the investigation leading to today’s guilty plea.
The government is represented by Deputy Chief, Criminal Division Eric W. Moran of the U.S. Attorney’s Office in Newark.
Defense Counsel: Peter W. Till Esq., Springfield, New Jersey, and Stacy Ann Biancamano Esq., Chatham, New Jersey
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- https://www.justice.gov/usao-nj/pr/ocean-county-new-jersey-business-owner-admits-operating-unlicensed-money-transmitting
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| participant_id | name | role | title | organization | location | age | nationality | status |
|---|---|---|---|---|---|---|---|---|
| 2490 | Paul J. Fishman | U.S. Attorney | U.S. Attorney | U.S. Attorney's Office | Trenton, New Jersey | |||
| 2491 | Yisroel Malamud | defendant | Beepers Plus | Lakewood, New Jersey | 53 | pleaded guilty | ||
| 2492 | Anne E. Thompson | judge | U.S. District Judge | U.S. District Court | Trenton, New Jersey | |||
| 2493 | Timothy Gallagher | Special Agent in Charge | Special Agent in Charge | FBI | Red Bank, New Jersey | |||
| 2494 | Eric W. Moran | Deputy Chief | Deputy Chief | U.S. Attorney’s Office | Newark, New Jersey | |||
| 2495 | Peter W. Till | defense attorney | Attorney | Springfield, New Jersey | ||||
| 2496 | Stacy Ann Biancamano | defense attorney | Attorney | Chatham, New Jersey |
| agency_id | agency_name | abbreviation | role | office_location | agents_mentioned | contribution |
|---|---|---|---|---|---|---|
| 1581 | Federal Bureau of Investigation | FBI | investigation | Red Bank Resident Agency | Timothy Gallagher | conducted the investigation leading to the guilty plea |
| 1582 | U.S. Attorney's Office | USAO | prosecution | Newark, New Jersey | prosecuted the case and announced the charges |
| charge_id | charge_description | statute | severity | max_penalty | fine_amount | defendant | status | participant_id | cl_docket_id | count_num | is_1960 | verified_1960 | source | updated_at |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1296 | Operating an unlicensed money transmitting business | five years in prison | $250,000 | Yisroel Malamud | pleaded guilty | 1 | enrichment | 2026-09-16T19:46:00+00:00 | ||||||
| 3380 | operating an unlicensed money transmitting business, U | 1 | press | 2026-09-16T19:46:00+00:00 | ||||||||||
| 3381 | unlicensed money transmitting business, U | 1 | press | 2026-09-16T19:46:00+00:00 | ||||||||||
| 3382 | unlicensed money transmitting business | 1 | press | 2026-09-16T19:46:00+00:00 |
| fin_id | action_type | amount | currency | description | asset_type | defendant | status |
|---|---|---|---|---|---|---|---|
| 1249 | fine | $250,000 | USD | Maximum potential penalty | cash | Yisroel Malamud | pending |
| victim_id | victim_type | description | number_affected | loss_amount | geographic_scope | vulnerability_factors | impact_description |
|---|---|---|---|---|---|---|---|
| 620 | individual | members of the public | United States | charged a fee for money transmitting service |
| quote_id | quote_text | speaker_name | speaker_title | speaker_organization | quote_type | context | significance |
|---|---|---|---|---|---|---|---|
| 2625 | An Ocean County, New Jersey, man today admitted owning and operating an unlicensed money transmitting business | Paul J. Fishman | U.S. Attorney | U.S. Department of Justice | statement | Announcing the guilty plea | Introduces the case and the defendant's admission |
| theme_id | theme_name | description | significance | related_statutes | geographic_scope | temporal_aspects | stakeholders |
|---|---|---|---|---|---|---|---|
| 1789 | Unlicensed Money Transmitting Business | Yisroel Malamud operated an unlicensed money transmitting business under the name 'Beepers Plus' in Lakewood, NJ from 2010 to 2013, accepting and transmitting customer funds without proper licensing or registration. | Violates state and federal laws, undermining financial regulatory systems and enabling potential illicit financial activities. | 18 U.S.C. § 1960 | Local (Lakewood, NJ) with national implications due to federal charges | Operated between January 2010 and May 2013 | Yisroel Malamud, Customers, FBI, U.S. Attorney's Office |
| 1790 | Licensing and Registration Requirements | Federal law mandates registration of money transmitting businesses with the Treasury, which Malamud failed to comply with, violating both state and federal regulations. | Ensures transparency and accountability in financial transactions to prevent money laundering and fraud. | 18 U.S.C. § 1960 | National (federal law) | Ongoing legal requirement at time of operation | U.S. Treasury, Financial Regulators, Business Operators |
| 1791 | Federal Prosecution and Penalties | Malamud pleaded guilty to federal charges, facing up to five years imprisonment and a $250,000 fine, highlighting enforcement of financial regulations. | Demonstrates legal consequences for operating outside regulatory frameworks. | 18 U.S.C. § 1960 | Federal | Sentencing scheduled for June 2017 | U.S. District Court, U.S. Attorney Paul J. Fishman, Defense Counsel |
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