LA Rideshare Driver Accused of Misusing COVID Relief for Crypto Purchases
- Bruce Choi, a Los Angeles rideshare driver, was charged with wire fraud and money laundering for allegedly obtaining over $2 million in COVID-19 business relief loans.
- Prosecutors claim Choi used the funds to purchase cryptocurrency instead of supporting legitimate business operations.
- Federal prosecutors seized nearly 40 BTC during the investigation.
- Choi allegedly submitted fraudulent loan applications on behalf of a non-existent company named “Premier Republic.”
- If convicted, each wire fraud count carries a maximum sentence of up to thirty years, while the money laundering charge could add another ten years.
The case highlights ongoing efforts to prosecute pandemic-related fraud, where emergency funds were misused for cryptocurrency purchases instead of aiding businesses affected by COVID-19 disruptions.
Federal authorities continue to investigate fraudulent claims among millions received during the pandemic, aiming to ensure that relief funds are used appropriately. (Source)
