Ocean County, New Jersey, Business Owner Sentenced To 21 Months In Prison For Operating Unlicensed Money Transmitting Business
2018-03-28 · Press release
TRENTON, N.J. – An Ocean County, New Jersey, man was sentenced today to 21 months in prison for owning and operating an unlicensed money transmitting business, U.S. Attorney Craig Carpenito announced.
Yisroel Malamud, 54, of Lakewood, New Jersey, previously pleaded guilty before U.S. District Judge Anne E. Thompson to an information charging him with running an unlicensed money transmitting business. Judge Thompson imposed the sentence today in Trenton federal court.
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 – determined to be more than $6 million – 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.
In addition to the prison term, Judge Thompson sentenced Malamud to three years of supervised release. Forfeiture will be determined at a later date.
U.S. Attorney Carpenito credited special agents of the FBI, Red Bank Resident Agency, under the direction of Acting Special Agent in Charge Bradley W. Cohen, with the investigation leading to today’s sentencing.
The government is represented by Eric W. Moran, Chief of the Criminal Division for the southern vicinages in the District of New Jersey.
Defense Counsel: Peter W. Till Esq., Springfield, New Jersey, and Stacy Ann Biancamano Esq., Chatham, New Jersey
- district_office
- District of New Jersey
- usa_name
- Craig Carpenito
- event_type
- sentencing
- judge_name
- Anne E. Thompson
- judge_title
- U.S. District Judge
- case_number
- max_penalty_text
- sentence_summary
- 21 months in prison and three years of supervised release
- money_amounts
- $6 million
- crypto_assets
- statutes_json
- timeline_json
- {"indictment_date": null, "plea_date": null}
- press_release_url
- https://www.justice.gov/usao-nj/pr/ocean-county-new-jersey-business-owner-sentenced-21-months-prison-operating-unlicensed
- extras_json
| participant_id | name | role | title | organization | location | age | nationality | status |
|---|---|---|---|---|---|---|---|---|
| 2358 | Yisroel Malamud | defendant | Lakewood, New Jersey | 54 | sentenced | |||
| 2359 | Craig Carpenito | prosecutor | U.S. Attorney | U.S. Attorney's Office | Trenton, New Jersey | |||
| 2360 | Anne E. Thompson | judge | U.S. District Judge | U.S. District Court | Trenton, New Jersey | |||
| 2361 | Bradley W. Cohen | investigator | Acting Special Agent in Charge | FBI | Red Bank, New Jersey | |||
| 2362 | Eric W. Moran | prosecutor | Chief of the Criminal Division | U.S. Attorney's Office | District of New Jersey | |||
| 2363 | Peter W. Till | defense attorney | Attorney | Springfield, New Jersey | ||||
| 2364 | Stacy Ann Biancamano | defense attorney | Attorney | Chatham, New Jersey |
| agency_id | agency_name | abbreviation | role | office_location | agents_mentioned | contribution |
|---|---|---|---|---|---|---|
| 1487 | Federal Bureau of Investigation | FBI | investigation | Red Bank Resident Agency | Bradley W. Cohen | Conducted the investigation leading to the sentencing |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1240 | Operating an Unlicensed Money Transmitting Business | felony | Yisroel Malamud | pleaded guilty | 1 | enrichment | 2026-09-16T19:45:59+00:00 | |||||||
| 3292 | operating an unlicensed money transmitting business, U | 1 | press | 2026-09-16T19:45:59+00:00 | ||||||||||
| 3293 | unlicensed money transmitting business, U | 1 | press | 2026-09-16T19:45:59+00:00 | ||||||||||
| 3294 | unlicensed money transmitting business | 1 | press | 2026-09-16T19:45:59+00:00 |
| fin_id | action_type | amount | currency | description | asset_type | defendant | status |
|---|---|---|---|---|---|---|---|
| 980 | forfeiture | funds related to the unlicensed money transmitting business | cash | Yisroel Malamud | pending |
| victim_id | victim_type | description | number_affected | loss_amount | geographic_scope | vulnerability_factors | impact_description |
|---|---|---|---|---|---|---|---|
| 350 | individual | members of the public | Lakewood, New Jersey |
| quote_id | quote_text | speaker_name | speaker_title | speaker_organization | quote_type | context | significance |
|---|---|---|---|---|---|---|---|
| 2914 | 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 – determined to be more than $6 million – 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. | statement | Description of the illegal activities conducted by Malamud | Details the nature of the crime for which Malamud was sentenced |
| theme_id | theme_name | description | significance | related_statutes | geographic_scope | temporal_aspects | stakeholders |
|---|---|---|---|---|---|---|---|
| 1658 | Unlicensed Money Transmitting Business | Malamud operated an unlicensed money transmitting business from 2010 to 2013, handling over $6 million without proper licensing or federal registration. | Violated both New Jersey state law and federal registration requirements, emphasizing compliance with financial regulations. | 18 U.S.C. § 1960 | National | Historical (2010-2013) | Law enforcement, Financial institutions, Defendant, Customers |
| 1659 | Federal Registration Requirements | Federal law mandates registration of money transmitting businesses with the Treasury, which Malamud failed to comply with. | Highlights the necessity of federal oversight to prevent unregulated financial activities. | 18 U.S.C. § 1960 | National | Historical (2010-2013) | U.S. Treasury, Regulatory agencies, Business operators |
| 1660 | Sentencing and Legal Penalties | Malamud received 21 months imprisonment and three years of supervised release. | Demonstrates legal consequences for violating financial regulations. | 18 U.S.C. § 1960 sentencing guidelines | National | Recent (sentencing at time of press release) | Judge, U.S. Attorney's Office, Defendant, Defense attorneys |
| 1661 | Law Enforcement Investigation | The FBI investigated Malamud's operations under the direction of Acting Special Agent in Charge Bradley W. Cohen. | Shows federal law enforcement's role in detecting financial crimes. | National and Local (Red Bank, NJ) | Historical (during investigation period) | FBI, U.S. Attorney's Office, Acting Special Agent in Charge | |
| 1662 | Asset Forfeiture Proceedings | Forfeiture of assets from the illegal business is pending post-sentencing. | Aims to recover ill-gotten gains and deter future violations. | National | Future (post-sentencing) | Court, U.S. Attorney's Office, Defendant |
CourtListener / RECAP
No linked CourtListener docket yet.