A 49-year-old Nigerian, Ifeanyi Emmanuel Ugwu, has pleaded guilty in the United States to operating an unlicensed money transmitting business that handled over $5 million in illegally obtained funds.
U.S. Attorney Eric Grant announced the plea on Monday, April 6, 2026.
Court documents reveal that between December 2020 and August 2023, Ugwu, of Bakersfield, owned and led Franklin Finance Inc. as chief executive officer.
He opened and controlled 20 bank accounts across nine banks and financial institutions, receiving about $5 million from over 100 U.S. individuals before transferring the funds to recipients in China, Nigeria, and elsewhere.
The company lacked required licenses for money transmission at all times.
Ugwu handled approximately $580,000 in fraud proceeds from cybercrime victims among those sending funds, concealing his activities through misrepresentations to individuals, banks, and financial institutions.
The IRS Criminal Investigation and Homeland Security Investigations led the probe, with Assistant U.S. Attorney Cody S. Chapple prosecuting.
Ugwu faces up to five years in prison and a $250,000 fine, with sentencing set for July 27, 2026, before U.S. District Judge Jennifer L. Thurston. The court will determine the actual penalty based on federal Sentencing Guidelines and statutory factors.
