2 Plead Guilty in Huge Counterfeiting Scheme
Two men charged in an $18-million counterfeiting scheme pleaded guilty Wednesday in U.S. District Court in Los Angeles after prosecutors rested the government’s case.
Joseph Kelly, 54, and Terrence Nikrasch, 55, pleaded guilty to four counts of conspiracy, manufacture and possession of counterfeit money and possession of counterfeiting plates and tools.
The two were arrested May 21 in a raid on a Huntington Beach townhouse by Secret Service agents. In the residence, where Kelly had just recently moved, agents found an offset printing shop that had been used to make $19,700 in bogus $100, $50 and $20 bills. Packed into 17 boxes nearby were partially completed bills totaling more than $18 million.
Sentencing for both was set for Oct. 7. They each face a maximum of 50 years in jail and a $1-million fine.
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