Edmond Man Pleads Guilty after Filing Fraudulent Paycheck Protection Program Loan Application

Summary

A press release datelined Oklahoma City announces that Russell Kim of Edmond has pleaded guilty to making a false statement to a financial institution and money laundering, according to U.S. Attorney Robert J. Troester. The release says Kim submitted a Paycheck Protection Program (PPP) loan application on April 3, 2020, for a restaurant operated by R&D, although court documents show the restaurant had closed in March 2020 and the payroll information covered employees who no longer worked there. The bank approved a PPP loan in the amount of $174,000. Kim was charged by Information on August 12, 2025, and pleaded guilty on September 4, 2025. At sentencing, Kim faces up to 40 years in federal prison and fines of up to $1,250,000.

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Full text

OKLAHOMA CITY –
RUSSELL KIM
, 63, of Edmond, has pleaded guilty to making a false statement to a financial institution and money laundering, announced U.S. Attorney Robert J. Troester.
According to public records, in 2020, Kim was the owner of R&D 2 Investment Group (R&D) in Oklahoma City. On April 3, 2020, Kim submitted an application for a Paycheck Protection Program (PPP) loan, administered by the Small Business Administration, to support the ongoing operations of a restaurant operated by R&D. The PPP was a COVID-19 pandemic relief program that provided forgivable loans to small businesses for job retention and certain other expenses. Court documents show R&D’s restaurant had in fact closed in March 2020, and that Kim submitted payroll information for employees who no longer worked for R&D. As a result of Kim’s false statement, the bank approved a PPP loan in the amount of $174,000. On August 12, 2025, Kim was charged by Information with making a false statement to a financial institution and money laundering.
On September 4, 2025, Kim pleaded guilty to the Information, and admitted he knowingly made a false statement to a bank in order to influence the bank to approve a PPP loan, and that he knowingly engaged in a monetary transaction of a value greater than $10,000 with funds derived from the unlawful activity of making a false statement on a PPP loan application.
At sentencing, Kim faces up to 40 years in federal prison, and fines of up to $1,250,000.
This case is the result of an investigation by the Internal Revenue Service – Criminal Investigation and the United States Secret Service. Assistant U.S. Attorney Danielle London is prosecuting the case.
Reference is made to public filings for additional information.

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