Forest City man convicted in federal court for counterfeiting $20 bills

CEDAR RAPIDS - A Forest City man who manufactured counterfeit money was convicted Thursday in federal court.

Victor Ineson Jr., 42, pleaded guilty in U.S. District Court to one count of manufacturing counterfeit currency. During the plea hearing, he admitted that he counterfeited and altered multiple $20 bills from April through May at his home in Forest City.

The plea agreement shows Ineson admitted he used chemicals to wash the print off lower denomination bills and reprint each side of the bill so that it appeared to be a $20. Ineson used some of these counterfeit bills to pay for items at area businesses.

During a search on May 18, authorities discovered at least $335 in counterfeit currency, court documents show. 

Two additional charges, relating to the possession and passing of counterfeit currency, will be dismissed as part of a plea agreement.

Ineson faces up to 20 years in federal prison, a $250,000 fine and three years of supervised release following any prison time. He also agreed to pay restitution to all businesses that received the counterfeit currency, as part of the plea.

Sentencing before U.S. District Chief Judge Leonard T. Strand will be set after a presentence report is prepared. Ineson was placed on home detention pending sentencing.

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