NBC Philadelphia
April 25, 2014
Federal prosecutors say New Jersey man who operated a supposed charitable organization instead ran it as an unchartered bank, accepting millions of dollars in deposits which he shielded from state or federal regulation.
Moshe Schwartz of Union City pleaded guilty Wednesday to operating an unchartered bank and aiding and assisting in the filing of a false 2007 tax return.
The 33-year-old Schwartz faces up to eight years in prison when he’s sentenced July 30.