Russell Kim, a 63-year-old resident of Edmond, has pleaded guilty to charges of making a false statement to a financial institution and money laundering. The announcement was made by U.S. Attorney Robert J. Troester.
Court documents indicate that in April 2020, Kim, as the owner of R&D 2 Investment Group in Oklahoma City, applied for a Paycheck Protection Program (PPP) loan intended to help small businesses retain jobs during the COVID-19 pandemic. At the time of his application, the restaurant operated by R&D had already closed in March 2020. Despite this, Kim submitted payroll information for employees who were no longer employed at the business. Based on this false information, the bank approved a PPP loan of $174,000.
Kim was formally charged on August 12, 2025, with making a false statement to a financial institution and money laundering. On September 4, he pleaded guilty and admitted that he knowingly provided false information to obtain approval for the loan and engaged in monetary transactions exceeding $10,000 using funds obtained from the fraudulent activity.
Kim could face up to 40 years in federal prison and fines totaling $1,250,000 at sentencing.
The investigation was conducted 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.”
