The feds made another arrest in connection with Paycheck Protection Program loan fraud. Attorney Jae H Choi of Fort Lee, N.J. has been accused of obtaining close to $9 million in PPP loans under fraudulent circumstances. Choi has been charged with three counts of bank fraud and one count of money laundering, according to the complaint.
A report by the House Select Subcommittee on the Coronavirus Crisis said that over $1 billion in COVID-19 relief went to companies despite being in violation of the program’s rules. 10,856 loans appeared to be multiple loans to the same recipient.
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