Stephanie Hockridge, Ex Arizona news anchor to serve 10 years following conviction in COVID loan fraud scheme that led to her and her husband pocketing more than $300M from fake applications.
A former Arizona news anchor has been sentenced to 10 years in prison for federal wire fraud conspiracy related to a pandemic-era paycheck protection program (PPP) loan scheme.
Stephanie Hockridge-Reis, a former employee of Phoenix news station ABC15, was sentenced on Friday, November 21, by a Texas federal judge to 120 months in prison, according to AZ Family and ABC15. She will begin her sentence on December 30, 2025.
As part of her sentencing, Hockridge was also ordered to pay nearly $64 million in restitution, along with her co-defendants, and must serve supervised release for two years.
News anchor turned fake entrepreneur engaging in wire fraud
According to the Department of Justice (DOJ), Hockridge was convicted in June 2025 of one count of conspiracy to commit wire fraud, though she was acquitted of four counts of wire fraud.
Hockridge and her husband, Nathan Reis, 47, founded a lender service company in 2020 called Blueacorn that they said aimed to help small businesses secure federal PPP loans. Hockridge and her co-conspirators charged borrowers kickbacks based on a percentage of the funds received, according to the DOJ.
However, federal investigators said the couple created fake payroll records, tax documents and bank statements to allow some applicants to obtain larger loans from the U.S. Small Business Administration (SBA), which ran the PPP program.
‘This is us trying to apply for free money — when we don’t quite qualify. lol,’ the former news anchor turned entrepreneur texted her business partner husband, according to a federal indictment obtained by the Arizona Republic.
In one application for $300K, Reis reportedly falsely claimed he was a veteran and an African American.
During Hockridge’s trial, prosecutors argued that the couple showed others how to submit fake PPP loans. At one point, they obtained a loan for a company with no employees.
‘As part of the scheme, Hockridge and others offered a personalized service to their clients called ‘VIPPP’ to help potential borrowers complete PPP loan applications. Hockridge recruited co-conspirators to work as VIPPP referral agents and coach borrowers on how to submit false PPP loan applications,’ the DOJ’s statement read.
According to prosecutors, Blueacorn’s leadership instructed staff to prioritize speed over accuracy.
Brazen multi billion dollar COVID get rich scheme defrauding the public
In total, the couple’s Scottsdale, Arizona-based Blueacorn processed over $12.5 billion in loans and pocketed up to $300 million for its ownership group, including Hockridge, while spending virtually nothing on fraud prevention.
The company’s partner lenders facilitated almost three times as many PPP loans in 2021 as J.P. Morgan, Chase and Bank of America combined.
The PPP was an $800 billion federal loan initiative launched in 2020 to help small businesses keep workers employed during the COVID-19 pandemic.
Investigators alleged that the couple used the proceeds to enrich themselves personally.
‘This defendant exploited a national emergency to personally profit from a taxpayer-funded program intended to support vulnerable individuals and small businesses,’ Matthew R. Galeotti, head of the Justice Department’s Criminal Division, said in June. ‘This conviction demonstrates the Department’s commitment to holding individuals accountable for defrauding the government and wasting taxpayer money.’
The former KNXV-TV anchor claimed that her actions were a ‘sincere effort to support small businesses’ in navigating a chaotic government problem during an era of ‘unprecedented need.’
But a congressional report found that Blueacorn routinely failed to properly vet applicants and charged illegal ‘success fees’ to borrowers — violating Small Business Administration rules.
Convicted fraudster was former Arizona Favorite Newscaster
According to its website, Blueacorn connected 808,000 small businesses to $12.5 billion in loans. At the time of their indictment in November, 2024, Hockridge and her husband were living in Puerto Rico.
Reis took a plea deal in August and will be sentenced in December.
Hockridge’s sentence was half of the 20-year maximum for someone guilty of conspiracy to commit wire fraud according to KTAR.
Hockridge spent seven years as an anchor at KNXV-TV, the ABC affiliate in Phoenix, and had previously worked as a reporter for CBS News Radio in London.
She was nominated for an Emmy and named “Favorite Newscaster” by Arizona Foothills Magazine.
Hockridge is to serve her jail sentence at the Federal Prison Camp in Bryan, Texas — a minimum-security facility that currently houses Ghislaine Maxwell, Elizabeth Holmes and Real Housewives of Salt Lake City star Jen Shah, according to AZ Family. She was ordered to report there by Dec. 30.
