OKLAHOMA CITY — An Edmond man pleaded guilty to making a false statement to a financial institution and laundering money tied to a fraudulent Paycheck Protection Program loan application.
According to court records, Russell Kim, 63, owned R&D 2 Investment Group in Oklahoma City. On April 3, 2020, he filed a PPP loan application through the Small Business Administration to support a restaurant operated by R\&D.
At sentencing, Kim faces up to 40 years in federal prison and fines of up to $1.25 million, the office of U.S. Attorney Robert J. Troester announced.
The PPP program was launched during COVID-19 to provide forgivable loans to small businesses for employee retention and certain expenses.
Court filings show the restaurant closed in March 2020, yet Kim submitted payroll records for employees who were no longer working. Based on this false information, a bank approved a $174,000 PPP loan.
On Aug. 12, 2025, prosecutors charged Kim with making a false statement to a financial institution and money laundering. On Sept. 4, 2025, he pleaded guilty, admitting he knowingly provided false payroll details to secure the loan and later carried out a monetary transaction of more than $10,000 with the funds.
The Internal Revenue Service–Criminal Investigation and the U.S. Secret Service investigated the case. Assistant U.S. Attorney Danielle London is prosecuting.