Stephanie Hockridge, once a familiar face on Phoenix television, has been found guilty of conspiracy to commit wire fraud in a sprawling case involving the misappropriation of Paycheck Protection Programme cash during the pandemic.
A jury in the Northern District of Texas returned the guilty verdict on one count, while dismissing four other wire‑fraud charges against her. She now awaits sentencing on 10 October. Her husband and business partner, Nathan Reis, still faces trial in August next year.
Hockridge and Reis set up fintech outfit Blueacorn in 2020, based in Scottsdale, Arizona. Throughout the PPP roll‑out, the company processed around £10 billion worth of loans, allegedly funnelling between £200 million and £240 million to their own pockets in fees. Blueacorn took in over a billion dollars in taxpayer‑funded processing charges alone, yet reportedly spent less than 1 % on fraud checks and only £11 million on verifying eligibility—a tiny fraction of what would have been expected.
What emerged during the trial was a culture of “speed over accuracy”. Internal communications showed staff being told to “push through” dodgy applications and overlook potential red flags, unless fraud was “extremely obvious”. Some staff reportedly approved hundreds of applications in mere seconds each. Meanwhile, small‑loan applicants were shunted aside with messages like “delete them” or “who care[s]”—while so‑called VIP clients sailed through an express lane, bypassing standard checks.
Prosecutors say Hockridge and Reis even falsified loan documents for themselves—one application claimed Reis was an African American veteran, among other falsehoods. Altogether, they pocketed more than $300,000 in fraudulent loans for personal use. Meanwhile congressional investigators recovered a video showing the pair flashing wads of cash in a Puerto Rican bar back in December 2021. Reis has since relocated to tax‑friendly San Juan, and the couple were even filmed enjoying a luxury beachfront apartment there in October 2021.
The PPP itself was a mammoth US relief scheme—around $800 billion pumped into loans intended to keep small businesses afloat during Covid‑19. Yet this case stands out as one of the most high‑profile collapses of that programme, involving a public figure with a once‑credible reputation in broadcasting, reported Sky News.
Hockridge, 42, spent seven years fronting the news at KNXV‑TV in Phoenix and even did a stint for CBS News Radio in London. She had been up for an Emmy and was once voted “Favourite Newscaster” by the local magazine Arizona Foothills.
During a Department of Justice press briefing, officials made it clear they’re not letting this lapse slide. The DOJ said Hockridge “exploited a national emergency to personally profit from a taxpayer‑funded programme intended to support vulnerable individuals and small businesses”. The FBI, IRS, SBA inspectors, and multiple watchdogs worked together on the case.
With losses from Covid‑relief fraud estimated in the hundreds of billions—possibly up to a trillion—by regulators, this conviction is a rare victory in a landscape riddled with abuse. Still, many more cases remain to be hashed out in court.
For now, Stephanie Hockridge awaits her fate on 10 October. It’s a drama that began behind the anchor’s desk and ended up in front of a jury box—one that’s rattled the very foundations of a relief program meant for good.