Nigerian National Faces Up to Five Years in US Prison for Illegal Money Transfers

Ifeanyi Emmanuel Ugwu, 49, has pleaded guilty to running an unlicensed money transmitting business in the United States. Prosecutors say he moved over $5 million collected from more than 100 individuals. Between December 2020 and August 2023, Ugwu operated Franklin Finance Inc. He opened and controlled 20 bank accounts across nine institutions without the required licenses. He then transferred funds to recipients in China, Nigeria, and elsewhere. Investigators found that some senders were victims of cybercrimes and fraud. Federal agents from the IRS Criminal Investigation and Homeland Security Investigations led the probe. Ugwu faces a maximum of five years behind bars and a $250 000 fine when Judge Jennifer L. Thurston sentences him on July 27, 2026.

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