BAKERSFIELD, CA (KUZZ) — A Bakersfield man has entered a plea to charges of money laundering.
Ifeanyi Ugwu, 49, entered the plea Monday to operating an unlicensed money-transmitting business involving more than $5 million in illegally obtained funds.
The U.S. Department of Justice says Ugwu owned and operated Franklin Finance Inc., from December 2020 to August 2023, and controlled twenty bank accounts across nine banks and financial institutions,
Ugwu sent the funds to people in Nigeria, China, and other locations.
He faces five years in prison when he’s sentenced July 27, 2026.
Comments