Los Angeles rideshare driver charged with using $2 million pandemic relief loan to buy cryptocurrency

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Release Time: 03/19/2026 11:56:04

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Summary

A Los Angeles rideshare driver was arrested at SFO on Tuesday and faces charges of wire fraud and money laundering related to a $2 million Economic Injury Disaster Loan. Bruce Choi allegedly used the funds through a fake company, Premier Republic, to purchase cryptocurrency via Kraken. Investigators seized nearly 40 BTC. The case highlights issues involving liquidity and crypto markets as authorities intensify CFT efforts. If convicted, Choi could face up to 30 years for wire fraud and 10 years for money laundering.

Odaily Planet Daily reports: Bruce Choi, a 34-year-old resident of Koreatown in Los Angeles, was arrested on Tuesday at San Francisco International Airport on charges of wire fraud and money laundering. Federal prosecutors allege that he submitted fraudulent economic injury disaster loan applications under the fictitious company name "Premier Republic," obtaining approximately $2 million in COVID-19 business relief funds, which he then transferred to his account at 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 each money laundering count carries a maximum sentence of 10 years in prison.

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