Chicagoan admits to counterfeiting

EAST ST. LOUIS -- A January sentencing date has been set for a Chicago man who admits he possessed bogus $50 bills found by police during a traffic stop as he headed to buy cigarettes in Missouri.

Twenty-seven-year-old Katrell Irvin pleaded guilty Thursday to one count of possessing counterfeit obligations. That's a felony punishable by up to 20 years in prison and $250,000 in fines.

Prosecutors say Irvin was a passenger in a car stopped for speeding in Madison County a year ago. A search of the car turned up $1,550 in counterfeit currency.

Irvin admits telling investigators he was going to use the bogus bills to buy large amounts of cigarettes in Missouri, which has the nation's lowest state sales tax on smokes.

The car's driver awaits trial on an identical counterfeiting count.