Former Phoenix News Anchor and Husband Charged with COVID-19 Loan Fraud
PHOENIX — Stephanie Hockridge, a former news anchor in the Phoenix area, and her husband, Nathan Reis, have been indicted on charges of fraud related to COVID-19 relief loans, according to the Department of Justice.
The couple, who founded a company called Blueacorn in April 2020 to assist small businesses in securing Paycheck Protection Program (PPP) loans, are accused of submitting fraudulent loan applications. The indictment, unsealed in the Northern District of Texas, outlines how they allegedly fabricated essential documents like payroll records, tax information, and bank statements to deceive lenders.
Prosecutors claim that Hockridge and Reis, alongside co-conspirators, charged illegal kickbacks from borrowers based on the amount of loan money received. Through lender service provider agreements (LSPAs) with two financial institutions, Blueacorn allegedly facilitated the PPP application process while profiting from a percentage of the fees paid by the Small Business Administration (SBA) on approved loans.
Hockridge and Reis also developed a program called "VIPPP," where they provided personalized services to guide potential borrowers in completing their applications. They reportedly recruited co-conspirators to act as referral agents who coached borrowers on submitting false loan documents. The pair faces serious charges, including one count of conspiracy to commit wire fraud and four counts of wire fraud. If convicted, they could each face up to 20 years in prison for each count.
The ongoing investigation highlights significant efforts by federal authorities to address fraudulent activities connected to pandemic relief funding.
Source
Photo credit www.12news.com
