⏱ 3 min read
A Bakersfield man ran a brazen money laundering scheme, siphoning off more than $5 million through 20 bank accounts across nine financial institutions. Ifeanyi Emmanuel Ugwu, 49, pleaded guilty to operating an unlicensed money transmitting business, prosecutors said.
Between December 2020 and August 2023, Ugwu, the CEO of Franklin Finance Inc, received approximately $5 million from over 100 individuals in the United States. He then funneled the cash to individuals in China, Nigeria, and elsewhere.
Several of the individuals who sent Ugwu funds were victims of cybercrimes and fraud, with Ugwu pocketing around $580,000 in ill-gotten gains. To conceal his illicit activities, Ugwu made false representations to banks and other financial institutions, investigators found.
The IRS and Homeland Security Investigations led the investigation, uncovering Ugwu’s unlicensed operation. Assistant U.S. Attorney Cody S. Chapple is now prosecuting the case.
Ugwu faces up to five years in prison and a $250,000 fine. His sentencing is set for July 27, 2026, before U.S. District Judge Jennifer L. Thurston.
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📋 Key Facts
- Crime: Fraud & Financial Crimes
- Defendant: California
- Location: CA
- Source: DOJ Press Release
