LA Uber driver charged with fraudulently obtaining $2 million in pandemic loans to buy cryptocurrency

Chainthink

Release Time: 03/19/2026 12:11:04

BTC

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Summary

An Uber driver from Los Angeles was arrested at SFO for allegedly defrauding $2 million in pandemic loans to purchase cryptocurrency. Bruce Choi, 34, submitted a false EIDL application under the fictitious company “Premier Republic,” which had no real operations. The funds were transferred to a Kraken account, and nearly 40 BTC were seized. If convicted, he could face up to 30 years for wire fraud. The case underscores the importance of evaluating the risk-to-reward ratio in crypto investments. Value investing in crypto requires due diligence and transparency—not deception.

ChainThink reports that on March 19, according to Decrypt, a rideshare driver from Los Angeles, USA, was arrested at San Francisco International Airport on Tuesday for allegedly defrauding over $2 million in COVID-19 business relief loans and using the funds to purchase cryptocurrencies, facing federal charges of wire fraud and money laundering.

According to charges disclosed by the U.S. Attorney’s Office for the Central District of California, 34-year-old Los Angeles Koreatown resident Bruce Choi submitted fraudulent Economic Injury Disaster Loan applications, posing as the CEO and owner of the fictitious company “Premier Republic,” and successfully obtained approximately $2 million in relief funds. Prosecutors stated that Premier Republic “had no actual business operations and did not employ anyone.”

Choi then transferred the proceeds to an account on the cryptocurrency exchange Kraken to purchase cryptocurrencies. During the investigation, federal prosecutors seized nearly 40 BTC and other cryptocurrencies. If convicted, Choi faces a maximum sentence of 30 years in prison for each count of wire fraud and up to 10 years for money laundering.

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