"Former Phoenix news anchor Stephanie Hockridge has been sentenced to 10 years in federal prison for her role in one of the largest Paycheck Protection Program fraud schemes tied to a public figure. The ex-ABC15 presenter was ordered to pay nearly $64 million in restitution on Friday after a Texas federal court found she helped funnel bogus Covid-era loans through a company she co-founded with her husband, Nathan Reis."
"Prosecutors said Hockridge and her husband built Blueacorn in 2020 as a supposed lending-services firm aimed at helping small businesses access emergency federal relief. Instead, investigators found the Scottsdale-based operation processed more than $63 million in fraudulent PPP loans, charging borrowers kickbacks and sending applications to the Small Business Administration that they knew were loaded with fraudulent information. The couple also secured more than $300,000 in PPP funds for themselves, according to the Justice Department."
Stephanie Hockridge received a 10-year federal prison sentence and must pay nearly $64 million in restitution after being convicted of conspiracy to commit wire fraud. A Texas federal court found she helped funnel bogus COVID-era Paycheck Protection Program loans through Blueacorn, a company she co-founded with husband Nathan Reis. Prosecutors found Blueacorn processed over $63 million in fraudulent PPP loans, charged borrowers illegal kickbacks, and submitted applications knowingly containing false information. The couple also obtained more than $300,000 for themselves. Reis pleaded guilty and awaits sentencing. Hockridge is due to report to the Federal Prison Camp in Bryan, Texas, on December 30.
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