TRENTON, N.J. — A New Jersey business owner who ran an unlicensed money transmitting business that moved more than $6 million in funds over a three-year period is now headed to prison.

Yisroel Malamud received a 21-month sentence on Wednesday. He will also have to forfeit money he received, though the specific amount has not yet been determined.

Prosecutors say the 54-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 had pleaded guilty in February 2017 to running the unlicensed business.

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