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New Jersey Lawyer Issued Almost $9 Million in PPP Loans, Bought House, Invested In Stock Market, DOJ Says

A New Jersey attorney was indicted on Tuesday with multiple counts of bank fraud for allegedly obtaining $9 million in federal Paycheck Protection Program (PPP) loans.



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Jae H. Choi of Bergen County submitted four fraudulent applications for PPP loans to four lenders on behalf of four businesses that were said to provide educational services, according to filed documents and statements made in court. He allegedly lied about the existence of hundreds of employees on the application, manipulated bank records, and falsified a driver’s license—while stating that these companies paid over $3 million in monthly wages.

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In one instance, Choi falsely claimed in an email to a lender that he told 150 of his employees that they would lose their jobs because the PPP loans had not

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