LAKEWOOD — Federal prosecutors say a New Jersey business owner has admitted running an unlicensed money transmitting business that moved at least $3.5 million in funds over a three-year period.

Yisroel Malamud faces up to five years in prison when he's sentenced June 1.

Between January 2010 and May 2013, Malamud ran a "Beepers Plus" business in Lakewood.

Prosecutors say the 53-year-old Lakewood man received money from customers and deposited the funds into bank accounts that he maintained in the name of different entities. The funds were then sent from those accounts to third-parties within the United States in accordance with the customers' instructions.

Federal law requires businesses that transmit money to register with the U.S. Treasury.

Malamud pleaded guilty to the charge on Thursday.

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