Bruce Choi, a 34-year-old Koreatown resident and rideshare driver, was arrested Tuesday at San Francisco International Airport on federal charges of wire fraud and money laundering. Prosecutors allege he fraudulently obtained more than $2 million in pandemic business relief loans and converted the funds into cryptocurrency.
According to the indictment, Choi posed as the CEO of a company called Premier Republic, which prosecutors describe as a fictional entity with no operations or employees. He allegedly submitted a fraudulent Economic Injury Disaster Loan application and later wired the proceeds to an account at crypto exchange Kraken.
Authorities seized nearly 40 BTC and additional cryptocurrencies during the investigation. If convicted, Choi faces up to 30 years per wire fraud count and up to 10 years on the money laundering charge.
Originally reported by Decrypt.
