A sprawling fraud ring has been exposed in California, with its tangled web stretching all the way to Nigeria.
On Monday, a Bakersfield resident confessed to funneling more than $5 million to contacts in China and Africa.
NorCal man Ifeanyi Emmanuel Ugwu, 49, admitted to operating an unlicensed money transmitting business, according to the US Department of Justice, Eastern District of California.
Officials reported that several people who sent funds to Ifeanyi Emmanuel Ugwu were victims of cybercrimes and fraud. terovesalainen – stock.adobe.com From December 2020 to August 2023, Ugwu ran Franklin Finance Inc., opening and managing nearly 20 bank accounts across nine banks and financial institutions.
Authorities revealed he collected over $5 million from more than 100 individuals in the United States, then sent the money to China, Nigeria and beyond, without the proper license.
Ugwu maintained his unlicensed operation by deceiving individuals, banks and financial institutions to conceal his activities.
Officials reported that several people who sent funds to Ugwu were victims of cybercrimes and fraud.
Ugwu pleaded guilty to one count of operating an unlicensed money transmitting business.
Sentencing is scheduled for July 27. Ugwu faces up to five years in prison and a $250,000 fine.
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