Latest: Corruption and Money Laundering.
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UNION CITY—A Union City man was sentenced to 27 months in prison on Tuesday for using a fake charity tied to a massive corruption sting to hide millions of dollars from federal and state regulation.
Moshe "David" Schwartz, 34, headed the Gemach Shefa Chaim, a bogus charity caught up in the largest federal money laundering and corruption sting in state history. Schwartz used the organization as an unchartered bank to deposit millions of dollars from more than 350 clients, as well as nearly $1 million of his own money, U.S. Attorney Paul J. Fishman said in a release.
The charity purported to provide interest-free loans to needy members of the Sanz Hasidic community in Union City.
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