Los Angeles, CA. – A rideshare driver from the Koreatown neighborhood has been arrested on federal charges alleging he fraudulently obtained more than $2 million in COVID-19 relief funds using nonexistent businesses.
Bruce Choi, 34, was taken into custody Tuesday at San Francisco International Airport after returning from Japan. Federal prosecutors have charged him with four counts of wire fraud affecting a financial institution and one count of transactional money laundering.
According to a federal indictment unsealed this week, Choi is accused of orchestrating a scheme between May 2020 and December 2024 to defraud the U.S. Small Business Administration and financial institutions through pandemic relief programs.
Prosecutors allege Choi falsely claimed to operate a company called “Premier Republic,” submitting fabricated documents that included inflated payroll figures, fake tax returns, and fraudulent bank statements. The business, authorities say, did not exist and had no employees or operations.
Choi also allegedly filed a separate Economic Injury Disaster Loan application, claiming another fictitious business generated hundreds of millions in revenue and employed multiple workers.
As a result, officials say a lender disbursed nearly $2 million in Paycheck Protection Program funds, along with a $10,000 federal advance. Investigators allege Choi then transferred portions of the money into a cryptocurrency exchange account.
Federal authorities have since seized nearly 40 bitcoins and other digital assets as part of the investigation.
Choi is expected to make his initial court appearance in San Francisco before being transferred to Los Angeles for arraignment in the coming weeks.
If convicted, he faces up to 30 years in prison for each wire fraud count and up to 10 years for the money laundering charge.
Officials emphasized that the charges are allegations, and Choi is presumed innocent unless proven guilty in court.
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