After his marriage to Shaindy Lax, he ended his religious studies (kollel) to found Dynamic Diamonds, a diamond sales business, together with his father. He resides in a mansion in Riverdale with his wife.
When his father died in 2008, Lax inherited his vast debts. Lax was sued by the estate's creditors, who alleged in court that Lax had used shell companies to hide the estate's assets, and that he attempted to extort them and other members of the Orthodox Jewish community into giving up on the debts. The lawsuit was eventually settled. Lax was also the subject of several other lawsuits, many of which regarded unpaid debts and legal fees.
In August 2018, the U.S. Department of Justice (DOJ) sued Lax for the payment of $60 million worth of taxes. The DOJ alleged that Lax, his father and his sister Zlaty Schwartz conducted complex fake transactions in order to fraudulently evade taxes.
Lax was Ivanka Trump's business partner for licensing her name in jewelry, and he helped her open an Upper East Side boutique in 2007. Lax became a friend of Ivanka Trump, her father Donald Trump and their family, and was invited to attend Donald Trump's 2016 election victory party and inauguration.
The business relationship between Lax and Ivanka Trump continued even after Lax's company defaulted on several payments in 2011, entangled Ivanka Trump in a legal dispute with another diamond dealer (which Lax lost in 2015), and continued to have other legal problems. Lax was listed as chairman of Ivanka Trump Fine Jewelry until 2017, and she at one point owned part of his company.
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