A former Arizona TV news anchor will spend the next decade in federal prison after being convicted in a massive fraud scheme.
Stephanie Hockridge, 42, was sentenced on November 21 for her role in a scam that fraudulently secured more than $63 million in Paycheck Protection Program (PPP) loans guaranteed by the U.S. Small Business Administration under the CARES Act, according to the U.S. Department of Justice. She was also ordered to pay restitution for the full amount.
Hockridge, previously a familiar face on Phoenix television as a news anchor, co-founded a lending service called Blueacorn in April 2020, claiming it was designed to help small businesses and individuals obtain PPP loans. But prosecutors said the operation was far from legitimate.
Evidence presented at trial showed that Hockridge and her co-conspirators falsified documents, including payroll records, tax filings, and bank statements, to secure larger loans for applicants. They also charged borrowers kickbacks based on a percentage of the funds received.
To make the scheme appear more professional, Hockridge and her team offered a “VIPPP” service, coaching clients on how to submit false PPP loan applications. They recruited additional agents to help push the fraudulent applications, raking in more money through lender fees and borrower kickbacks.
Hockridge’s husband, Nathan Reis, was also involved in the scheme and is scheduled to be sentenced in December.
The former anchor’s Facebook page still lists her as an ABC15 news reporter, though she hasn’t posted there since 2020.
A jury found Hockridge guilty of conspiracy to commit wire fraud on June 20, capping an investigation that revealed just how high-profile faces can sometimes be involved in massive financial scams.
Must be a democrap!