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LOS ANGELES – Two California men found guilty of federal conspiracy, money laundering and wire fraud
LOS ANGELES – George Ugochukwu Egwumba, 47, of Cypress, and Princewell Arinze Duru, 33, of Sacramento, were found guilty by a jury today of federal criminal charges for participating in an extensive, long-lasting, multimillion-dollar conspiracy that perpetrated a wide variety of frauds, including business email compromise (BEC) fraud, romance scams, elder fraud and fraud using malware.
The conspiracy involved the laundering of at least $6 million in fraudulently obtained funds and the attempted theft of at least an additional $40 million.
Egwumba acted as another middleman, receiving bank account information from Iro and Eroha to pass to other fraudsters, and also worked to commit fraud himself by using malware and other cybercrime tools. Egwumba exchanged text messages with Iro and Eroha, in which he asked for and received bank account information that could be used to receive stolen money.
Duru helped Igbokwe and others in receiving and laundering the fraudulently obtained money, both by opening fraudulent business bank accounts and using money transmitting services and cryptocurrency wallets.
Duru registered a fraudulent business in Sacramento County and then used that company to open two business bank accounts at different banks. Duru gave the bank account information to Igbokwe so it could be used to receive fraud proceeds. One victim was deceived into depositing approximately $25,600 into one of Duru’s business bank accounts.
United States District Judge R. Gary Klausner scheduled an October 17 hearing for these defendants, at which time both will face a statutory maximum sentence of 22 years in federal prison.
So far, prosecutors have secured 19 guilty pleas in this case. Additional defendants have been arrested in Nigeria, and others are believed to be at large.
The FBI investigated this matter. The Los Angeles County District Attorney’s Office, the Los Angeles County Sheriff’s Department, the Orange County District Attorney’s Office, and the U.S. Department of State’s Diplomatic Security Service (DSS) provided substantial assistance during the investigation.
Defendant Information:
Defendant: George Ugochukwu Egwumba
City and State: Cypress, California
Criminal Charges: Conspiracy to commit money laundering, conspiracy to commit wire fraud, aggravated identity theft
Exact Date: Not provided
Sentence or Outcome: Scheduled for hearing on October 17, 2024 with a maximum sentence of 22 years in federal prison
Dollar Amounts: At least $6 million laundered, at least $40 million attempted theft
Key Facts
- State: California
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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