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

Odaily News: Bruce Choi (34 years old), a resident of Koreatown in Los Angeles, was arrested at San Francisco International Airport on Tuesday, charged with wire fraud and money laundering. Federal prosecutors allege that he submitted fraudulent Economic Injury Disaster Loan applications in the name of a fictitious company called "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 cryptocurrencies.

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