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Los Angeles rideshare driver accused of $2 million COVID loan fraud, crypto laundering

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Published  March 19, 2026 9:27am PDT
Crime and Public Safety
FOX 11

The Brief

    • A Koreatown rideshare driver was arrested at San Francisco International Airport for allegedly defrauding the government of over $2 million in pandemic relief funds.
    • Bruce Choi, 34, is accused of using fake tax returns and fictional businesses to obtain PPP and EIDL loans, which he then converted into Bitcoin and other cryptocurrencies.
    • Choi faces up to 30 years in prison for each wire fraud count if convicted.

LOS ANGELES - A Los Angeles rideshare driver is facing federal charges after allegedly orchestrating a $2 million scheme to defraud COVID-19 relief programs to fund cryptocurrency investments. 

What we know:

Bruce Choi, 34, allegedly represented himself as the CEO of "Premier Republic," a fictional entity with no actual operations or employees, according to the U.S. Attorney's Office. 

Prosecutors say he submitted fraudulent documents, including a fake 2019 tax return claiming nearly $11.8 million in gross receipts and a bank statement for the non-existent date of "February 31, 2020." 

Through these fabrications, Choi successfully obtained a $1,995,000 Paycheck Protection Program (PPP) loan and a $10,000 Economic Injury Disaster Loan (EIDL) advance. 

The funds were subsequently wired to a Kraken cryptocurrency exchange account, and federal authorities have since seized nearly 40 bitcoins, officials said.

Choi was arrested Tuesday at San Francisco International Airport after arriving on a flight from Japan.

What we don't know:

The specific details regarding Choi’s activities in Japan prior to his arrest have not been disclosed. 

While the government has seized a significant portion of the cryptocurrency, it is unclear if the full $2 million in disbursed funds has been accounted for or recovered.

What's next:

Choi is scheduled to make his initial court appearance in San Francisco on Wednesday before being transferred to Los Angeles for his arraignment.

If convicted, Choi faces a statutory maximum of 30 years in federal prison for each count of wire fraud and 10 years for money laundering.

The Source: This report is based on information from a five-count federal indictment unsealed by the U.S. Attorney’s Office and official arrest records provided by the Department of Justice.

Crime and Public SafetyKoreatownLos AngelesCalifornia