Bakersfield Man Pleads Guilty to Running Illegal Money Transmitting Business that Received Fraudulent Income

Bakersfield man pleads guilty to running illegal money transmitting business that received fraudulent income

A Bakersfield man faces up to five years in prison and a $250,000 fine after he pleaded guilty Monday to operating a business that transmitted more than $5 million in illegal income.

Bakersfield Man Pleads Guilty to Running Illegal $5 Million Money Transfer Operation

A Bakersfield man pleaded guilty Monday to operating an unlicensed money transmitting business that handled more than $5 million in funds, including money from victims of fraud and cybercrimes, federal prosecutors said. Ifeanyi Emmanuel Ugwu, 49, owned and ran Franklin Finance Inc. from December 2020 to August 2023, using 20 bank accounts across nine financial institutions to receive money from more than 100 people in the U.S. He then transferre…

Bakersfield man sentenced for illegal money transmitting business

A Bakersfield man faces several years in prison for running an illegal money transmitting business.  U.S. Attorney Eric Grant announced Monday that Ifeanyi Emmanuel Ugwu, 49, pleaded guilty to opening an unlicensed money transmitting business involving more than $5 million in illegally obtained funds.  The big picture: Ugwu owned, operated and served as Chief Executive Officer of Franklin Finance Inc. from December 2020 to August 2023.  The bus…