Los Angeles Ride-Hailing Driver Accused of Using $2 Million COVID Relief Loan to Buy Cryptocurrency

Odaily News: Bruce Choi (34), a resident of Los Angeles' Koreatown, was arrested at San Francisco International Airport on Tuesday and charged with wire fraud and money laundering. Federal prosecutors allege that he submitted fraudulent Economic Injury Disaster Loan applications under the fictitious company name "Premier Republic," obtaining approximately $2 million in COVID-19 business relief loans, and subsequently transferred the funds to an account on the cryptocurrency exchange Kraken to purchase cryptocurrency.

During the investigation, prosecutors seized nearly 40 BTC and other cryptocurrencies. If convicted, each wire fraud charge carries a maximum sentence of 30 years in prison, and the money laundering charge carries a maximum sentence of 10 years in prison.