The seal of the U.S. Justice Department is seen on the podium in the Department's headquarters briefing room in Washington, January 24, 2023. (Reuters/Kevin Lamarque/File Photo)
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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 transferred the funds to recipients in China, Nigeria, and other countries, without the required licenses.
Authorities said Ugwu received roughly $580,000 from fraud and cybercrime victims. He allegedly misled individuals and financial institutions to conceal the illegal activity.
Ugwu is scheduled for sentencing July 27 in Fresno federal court and faces up to five years in prison and a $250,000 fine.
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