BAKERSFIELD, Calif.(KBAK/KBFX) — A 49-year-old Bakersfield man pleaded guilty on Monday to operating an illegal money-transmitting business that involved more than $5 million in illegally obtained funds, according to the U.S. Department of Justice.
Ifeanyi Emmanuel Ugwu pleaded guilty on April 6, 2026, to operating an unlicensed money-transmitting business involving more than $5 million, the DOJ said.
According to the DOJ and court documents, Ugwu owned, operated, and served as chief executive officer of Franklin Finance Inc. between December 2020 and August 2023. Through the business, officials said, Ugwu opened and controlled 20 bank accounts across nine banks and financial institutions, receiving about $5 million from more than 100 U.S. residents. The funds were then transferred to individuals in China, Nigeria and elsewhere…