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Fraudster Brought to Justice in Fresno
FRESNO, Calif. — Ifeanyi Emmanuel Ugwu, 49, of Bakersfield, pleaded guilty today to operating an unlicensed money transmitting business involving more than $5 million in illegally obtained funds, U.S. Attorney Eric Grant announced.
According to court documents, between December 2020 and August 2023, Ugwu owned, operated, and served as chief executive officer of Franklin Finance Inc. Through this business, Ugwu opened and controlled 20 bank accounts across nine banks and financial institutions where he received approximately $5 million from more than 100 individuals in the United States. He then transferred the funds to individuals in China, Nigeria, and elsewhere. At no point did the company have the required licenses to operate a money-transmitting business.
Several of the individuals who sent Ugwu funds were victims of cybercrimes and fraud. Ugwu received and transferred approximately $580,000 in fraud proceeds from these victims. Ugwu was able to operate his unlicensed business by making various misrepresentations to individuals, banks, and other financial institutions to conceal his fraudulent activity.
The IRS Criminal Investigation and Homeland Security Investigations conducted the investigation. Assistant U.S. Attorney Cody S. Chapple is prosecuting the case.
Ugwu is scheduled to be sentenced by U.S. District Judge Jennifer L. Thurston on July 27, 2026. Ugwu faces a maximum penalty of five years in prison and a $250,000 fine. The actual sentence, however, will be determined at the discretion of the court after consideration of any applicable statutory factors and the federal Sentencing Guidelines, which take into account a number of variables.
Key Facts
- State: California
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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