On May 14, 2025, U.S. District Judge Michael E. Farbiarz issued a final judgment forfeiting approximately $7 million in fraud and money laundering proceeds to the United States. Additionally, a real property purchased with laundered funds, valued at nearly $2 million, was also forfeited. This was announced by United States Attorney Alina Habba.
The case originated on May 6, 2024, when the U.S. Attorney’s Office filed a civil forfeiture complaint against the seized assets. The complaint alleged that these were proceeds from fraud and money laundering offenses committed by Jae H. Choi between April 2020 and August 2020. Choi allegedly obtained Paycheck Protection Program loans totaling approximately $8,971,457 through fraudulent means and laundered these funds via various financial accounts under nominees’ names including relatives and corporate entities he controlled.
The investigation involved multiple agencies. Special agents of the Internal Revenue Service – Criminal Investigation were credited under the direction of Special Agent in Charge Jenifer L. Piovesan. Also involved were special agents from the Social Security Administration’s Office of the Inspector General’s Boston New York Field Division led by Special Agent in Charge Amy Connelly; postal inspectors from the U.S. Postal Inspection Service directed by Inspector in Charge Christopher A. Nielsen; and special agents from the U.S. Small Business Administration’s Office of Inspector General’s Eastern Region headed by Special Agent in Charge Amaleka McCall-Braithwaite.
Assistant U.S. Attorney Peter A. Laserna of the Bank Integrity, Money Laundering, and Recovery Unit of the Criminal Division in Newark represented the government.
