Paul Kwak, 65, was sentenced last week, according to the Justice Department.
He had pleaded guilty in June to conspiring with others – including Joosoo Choi-Bang, Jon Sun Hun, and Sook Hee Kim, each of whom previously pleaded guilty and were sentenced.
Ultimately, the SBA paid over $1 million as a result of the fraudulent applications. Kwak has agreed to forfeit three homes and a Mercedes GLS 580 purchased with fraud proceeds. He has also agreed to forfeit over $1.6 million from several bank accounts associated with the fraud.
He was sentenced to three years, four months in prison to be followed by three years of supervised release and ordered to pay restitution in the amount of $1.1 million.