On May 14, 2025, U.S. District Judge Michael E. Farbiarz finalized the forfeiture of approximately $7 million in fraud and money laundering proceeds to the United States. The judgment also included a real property valued at nearly $2 million, purchased with laundered funds, according to an announcement by United States Attorney Alina Habba.
The civil forfeiture complaint was initially filed on May 6, 2024, by the U.S. Attorney’s Office. It targeted around $7 million in seized currency and a property in Cresskill, New Jersey. These assets were alleged to be connected to fraudulent activities involving Paycheck Protection Program (PPP) loans obtained by Jae H. Choi between April and August 2020.
Choi allegedly secured PPP loans amounting to about $8,971,457 through fraudulent means and subsequently laundered these funds via financial accounts under the names of nominees including relatives and corporate entities controlled by Choi. The laundered funds were reportedly used for personal expenses and purchasing the Cresskill property.
United States Attorney Habba acknowledged the efforts of various agencies involved in the investigation: special agents from IRS-Criminal Investigation led by Special Agent in Charge Jenifer L. Piovesan; Social Security Administration's Office of Inspector General’s Boston New York Field Division led by Special Agent in Charge Amy Connelly; postal inspectors from U.S. Postal Inspection Service directed by Inspector in Charge Christopher A. Nielsen; and special agents from U.S. Small Business Administration’s Office of Inspector General’s Eastern Region led by Special Agent in Charge Amaleka McCall-Braithwaite.
Assistant U.S. Attorney Peter A. Laserna from the Bank Integrity, Money Laundering, and Recovery Unit of the Criminal Division in Newark is representing the government in this case.
