Lakewood store operator awaits sentencing for illegal money transfers

The operator of a Lakewood electronics shopr faces up to five years in prison for wiring money throughout the United States without a license.

In a Trenton federal courtroom, Yisroel Malamud, 53, pleaded guilty to running an unlicensed money-transmitting business, according to the office of New Jersey U.S. Attorney Paul J. Fisman. He also risks a fine as high as $250,000. Sentencing is scheduled for June 1 of this year.

Malamud, operator of Beepers Plus on Clifton Avenue, admitted forwarding cash between January 2010 and May 2013.

He was accused of depositing funds from customers into accounts that he managed, attributed to various other entities, sending the cash to to receivers according to instructions from clients, and charging fees.

Federal law requires businesses of this type to register with the Secretary of the Treasury. New Jersey law classifies the operation of an unlicensed money transmission concern as a felony.

Assistant U.S. Attorney Eric W. Moran led the government's case. Malamud was represented by attorneys Peter Till of Springfield and Stacy Ann Biancamano of Chatham.