Former TV Anchor Sentenced for COVID-19 Loan Fraud

Stephanie Hockridge, a former television anchor, has been sentenced to ten years in prison for her involvement in a fraudulent scheme related to coronavirus relief funds. It’s notable that she’ll be serving time in the same facility as some other high-profile criminals.

Hockridge, now 42, was sentenced on Friday in a Texas federal court and has also been ordered to pay back nearly $64 million for fraudulent Paycheck Protection Program (PPP) loans secured during the pandemic.

Convicted of conspiracy to commit wire fraud in June, she is set to report to prison on December 30th.

She will be confined at a federal prison camp in Bryan, Texas, which has housed notable figures like Ghislaine Maxwell and other fraudsters.

The case involves Hockridge and her husband, Nathan Reis, who launched a loan services company called Blue Acorn in 2020. They claimed the company was intended to assist small businesses in obtaining federal loans during the pandemic.

However, prosecutors alleged that their Scottsdale-based business, which charged borrowers a fee based on funds received, knowingly submitted applications that contained false information.

In some instances, it was reported that Reis falsely claimed to be a military veteran and African American.

Overall, the couple is believed to have processed over $63 million in fraudulent PPP loans, as noted by the Department of Justice.

The PPP, which totals $800 billion, was introduced in 2020 to support small businesses in keeping employees during the COVID-19 crisis.

Investigators indicated that the funds were used to personally benefit the couple.

Hockridge defended her actions as a sincere effort to assist small businesses facing governmental chaos during that unprecedented time.

However, a Congressional report revealed that Blue Acorn frequently failed to vet applicants correctly and charged illegal fees, going against SBA regulations. It also showed that management prioritized processing speed over accuracy in their applications.

Reis has accepted a plea deal and is expected to be sentenced in December.

Hockridge served as an anchor at KNXV-TV in Phoenix for seven years, and even worked as a reporter for CBS News Radio in London. She had been nominated for an Emmy Award by Arizona Foothills Magazine for “Favorite Newscaster.”

This case marks one of the most prominent fraud cases involving a public figure in connection with the PPP.