Former TV Anchor Stephanie Hockridge Sentenced for PPP Loan Fraud

BRYAN, Texas — Former television anchor Stephanie Hockridge was sentenced to ten years in prison on Friday for her role in defrauding the Paycheck Protection Program (PPP). The 42-year-old was convicted of conspiracy to commit wire fraud. Hockridge was also ordered to pay nearly $64 million in restitution.

Hockridge, who previously worked as a reporter for KNXV-TV in Phoenix, and her husband, Nathan Reis, founded a lending services company called Blueacorn in 2020. They claimed the company was designed to help small businesses obtain PPP loans during the COVID-19 pandemic. Instead, they submitted applications containing fraudulent information and received kickbacks based on the funds awarded.

According to the Department of Justice, the couple processed over $63 million in fake loans. Investigators revealed that their applications often included misleading claims, such as falsely stating that applicants were veterans or minorities.

The PPP was an $800 billion federal initiative intended to help businesses keep their employees during the pandemic. However, a congressional report found that Blueacorn routinely failed to vet its applicants and charged illegal “success fees,” which violated Small Business Administration rules.

Hockridge defended her actions, claiming they were a “sincere effort to support small businesses” during a chaotic time. However, the report indicated that the company prioritized speed over accuracy in processing loans.

Hockridge is set to report to Federal Prison Camp in Bryan, Texas, on December 30. This prison is known for housing high-profile offenders, including Ghislaine Maxwell. Reis accepted a plea deal in August and is scheduled for sentencing in December.

This case is considered one of the highest-profile PPP fraud cases involving a public figure.