A rideshare driver from Koreatown, Los Angeles, was arrested on March 18 at San Francisco International Airport after being charged with fraudulently securing more than $2 million in COVID-19 business-relief loans and investing the funds in cryptocurrency, according to the Justice Department.
The case highlights ongoing efforts by federal authorities to address alleged misuse of pandemic relief programs. The U.S. Attorney's Office for the Central District of California focuses on prosecuting federal criminal cases and handling civil matters for the government, according to the official website.
Bruce Choi, 34, faces a five-count federal indictment that includes four counts of wire fraud affecting a financial institution and one count of transactional money laundering. Prosecutors allege that between May 2020 and December 2024, Choi submitted fraudulent applications for Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) funds using fictitious companies. According to the indictment, Choi claimed his company "Premier Republic" had an average monthly payroll of $798,000 and gross receipts nearing $11.8 million in 2019—claims supported by fake tax returns and bank statements. Authorities say no such business existed.
Choi is accused of wiring proceeds from these schemes to a Kraken cryptocurrency exchange account. Federal prosecutors have seized nearly 40 bitcoins and other cryptocurrency as part of their investigation. If convicted, Choi could face up to 30 years in federal prison for each wire fraud count and up to 10 years for money laundering.
The U.S. Attorney's Office for the Central District of California serves more than 19 million residents across seven counties and works with federal, state, and local law enforcement partners to ensure public safety, according to its official website. E. Martin Estrada has held the position of United States Attorney for this district.
The office also supports community outreach through programs focused on victim assistance and public education as reported by its official website.
An indictment contains allegations that a defendant has committed a crime; every defendant is presumed innocent until proven guilty in court.
