Ifeanyi Emmanuel Ugwu, a 49-year-old Nigerian man from Bakersfield, California, pleaded guilty to running an unlicensed money transmitting business that handled over $5 million in illegally obtained funds.
U.S. Attorney Eric Grant announced the plea on Monday, April 6, 2026. From December 2020 to August 2023, Ugwu operated Franklin Finance Inc., opening 20 bank accounts across nine institutions to receive funds from over 100 U.S. individuals many cybercrime victims before wiring approximately $580,000 in fraud proceeds to recipients in China, Nigeria, and elsewhere, all without required licenses.
Ugwu concealed his activities through misrepresentations to banks and others. The IRS Criminal Investigation and Homeland Security Investigations led the probe, with Assistant U.S. Attorney Cody S. Chapple prosecuting.
Ugwu faces up to five years in prison and a $250,000 fine at his July 27, 2026, sentencing before U.S. District Judge Jennifer L. Thurston, per federal guidelines.
