← Back to cases

Ocean County, New Jersey, Business Owner Sentenced To 21 Months In Prison For Operating Unlicensed Money Transmitting Business

2018-03-28 · Press release

Mentions 1960 Verified 1960

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.