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On May 14, 2025, U.S. District Judge Michael E. Farbiarz entered a final judgment forfeiting to the United States approximately $7 million in fraud and money laundering proceeds, as well as a real property purchased with laundered fraud proceeds that has an estimated market value of nearly $2 million, United States Attorney Alina Habba announced.
On May 6, 2024, the U.S. Attorney’s Office filed a civil forfeiture complaint against approximately $7 million in seized and frozen U.S. currency, as well as a real property in Cresskill, New Jersey, that was purchased with nearly $1 million in laundered fraud proceeds, alleging that the assets were the proceeds of fraud and money laundering offenses. As alleged in the complaint, between April 2020 and August 2020, Jae H. Choi (“Choi”) fraudulently obtained Paycheck Protection Program (“PPP”) loans totaling approximately $8,971,457, and then laundered those fraud proceeds through various financial accounts held in the names of Choi’s nominees, including Choi’s relative and various corporate entities that Choi controlled. According to the civil forfeiture complaint, Choi then spent the laundered fraud proceeds on personal expenses and purchased the Cresskill real property.
