Los Angeles Rideshare Driver Accused of Scamming Over $2 Million in COVID Relief Loans to Buy Cryptocurrency
BlockBeats News, March 19th, according to Decrypt, a ride-hailing driver in Los Angeles, USA, was arrested at San Francisco International Airport on Tuesday for allegedly defrauding over $2 million in COVID-19 relief funds and using the money to purchase cryptocurrency. He faces federal charges of wire fraud and money laundering.
According to the charges disclosed by the U.S. Attorney's Office for the Central District of California, 34-year-old Los Angeles Koreatown resident Bruce Choi, posing as the CEO and owner of the fictitious company "Premier Republic," submitted fraudulent Economic Injury Disaster Loan applications to the authorities, successfully obtaining about $2 million in relief funds. Prosecutors noted that Premier Republic "had neither actual business operations nor any employees."
Choi then transferred the obtained funds to an exchange to purchase cryptocurrency. Federal prosecutors seized nearly 40 BTC and other cryptocurrencies during the investigation. In terms of sentencing, if convicted, Choi could face up to 30 years in prison for each wire fraud charge and up to 10 years for money laundering.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Analyst Gu Jingci: Follow the trend and adapt flexibly
XRP Ledger adds account control feature, enabling enterprises to manage assets offline.
BUZZ - Goldman Sachs says the price cap on cancer drugs has limited impact on Indian hospitals
October 9 – Goldman Sachs pointed out that India's implementation of a 30% profit margin cap on non-scheduled anticancer drugs (link) will have limited impact on hospitals. The report states that, based on preliminary discussions with hospital chain groups, such drugs account for less than 5% of hospital revenue and 2% to 2.5% of operating profit. The report adds that hospitals can offset the losses by slightly adjusting service charges, such as administration fees. According to a government notice, an expert committee will finalize the list of drugs to be brought under regulation. Driven by the anticipated price cap, the share prices of Max Healthcare MAXE.NS, Apollo Hospitals APLH.NS, and Fortis Healthcare FOHE.NS rose by 1.6% to 2.5%. Previously, since September 30, these stocks had collectively declined by 11% to 11.5%. Year-to-date, FOHE and MAXE are down 11.7% and 14.8%, respectively, while APLH has risen by 11%. (To assist non-English speakers, Reuters provides automated translations of its reports into several other languages. Due to potential errors or missing context in automated translations, Reuters does not guarantee the accuracy of automatic translation texts and offers them solely for readers’ convenience. Reuters accepts no responsibility for any damage or loss caused by using these automated translation features.)
Adding insult to injury! Japanese electronics giant Nidec downgraded by UBS, stock price plunges over 9% and approaches an 11-month low
UBS has downgraded Nidec's rating from "Buy" to "Neutral" and lowered its target price from 2,800 yen to 2,400 yen, citing a more challenging market environment.
Crypto prices
More
