OKLAHOMA CITY — An Edmond man has pleaded guilty to making a false statement to a financial institution and money laundering in connection with 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 submitted a PPP loan application, administered by the Small Business Administration, to support operations of a restaurant operated by R&D.
At sentencing, he faces up to 40 years in federal prison and fines of up to $1.25 million, according to a press release from the office of U.S. Attorney Robert J. Troester.
The PPP was created as a COVID-19 relief program to provide forgivable loans to small businesses for retaining employees and covering certain expenses.
Court documents show the restaurant had closed in March 2020 and that Kim submitted payroll information for employees who were no longer working for R&D. Based on the false information, a bank approved a $174,000 PPP loan.
On Aug. 12, 2025, Kim was charged by information with making a false statement to a financial institution and money laundering. On Sept. 4, 2025, he pleaded guilty. He admitted that he knowingly submitted false payroll information to obtain the loan and later engaged in a monetary transaction of more than $10,000 using those funds.
The case was investigated by the Internal Revenue Service–Criminal Investigation and the U.S. Secret Service. Assistant U.S. Attorney Danielle London is prosecuting.
Brett is the founder, and editor in chief of Oklahoma City Free Press. He continues to contribute reporting and photography to the efforts of the publication as well as leadership in developing support.
