Ex-TV Anchor Stephanie Hockridge Convicted in Multimillion-Dollar PPP Fraud Scheme

In a dramatic turn fit for a prime-time news segment, former Phoenix TV anchor Stephanie Hockridge was convicted Friday in one of the largest and most controversial fraud cases tied to the COVID-19 Paycheck Protection Program (PPP). Known for her confident delivery behind the news desk at ABC15, Hockridge is now facing federal prison for her role in a conspiracy that saw billions of taxpayer dollars funneled through a fintech platform she co-founded, not to aid struggling small businesses, but, prosecutors allege, to enrich herself and her husband.

A Power Couple Behind the Curtain

Stephanie Hockridge and her husband, Nathan Reis, co-founded Blueacorn in April 2020 at the height of the pandemic panic. The platform was positioned as a rapid-response solution for distributing PPP funds to small businesses locked out of traditional banking channels. But according to federal prosecutors, Blueacorn became a machine of fraud, processing over $12.5 billion in loans while implementing virtually no guardrails to prevent abuse.

The pair reportedly pocketed between $250 million and $300 million from the operation, all while maintaining a public image of innovation and civic service. The firm took in over $1 billion in lender fees but spent less than 1% on fraud prevention. Hockridge, once seen as a trustworthy public figure, was instead portrayed in court as someone who ignored, or helped conceal, serious red flags in the name of personal wealth.

Where the Fraud Hit Closest to Home

The jury heard evidence that made clear this was not negligence or oversight; it was calculated deception.

Federal prosecutors detailed how Stephanie Hockridge and Nathan Reis used their positions at Blueacorn to approve thousands of fraudulent PPP loans, many of which were processed through a tiered “VIPPP” system that fast-tracked high-dollar applications. In several cases, the documents submitted were either forged, doctored, or fabricated entirely. One such application claimed Reis was both African American and a U.S. military veteran, neither of which was true, just to boost the loan amount.

Even more damning were the personal uses of fraudulently obtained funds. Authorities cited luxury vacations, high-end real estate purchases, and bundles of cash posted on social media. Videos introduced at trial showed Hockridge and Reis reveling in their wealth during the time the PPP program was intended to serve desperate small businesses.

One of the more jaw-dropping details was the sheer disdain with which they reportedly treated smaller applicants. Internal company messages included lines like “delete them” and “who f---ing cares,” showing a deep prioritization of profit over the platform’s public mission. Witnesses also testified that staff were instructed to push through questionable applications without vetting or risk losing commissions.

A Verdict That Sends a Message

On June 20, 2025, a jury convicted Stephanie Hockridge of one count of conspiracy to commit wire fraud. She was acquitted on four other wire fraud charges, but the conviction carries serious consequences: she now faces up to 20 years in federal prison, with sentencing scheduled for October 10th. Nathan Reis, her husband and alleged co-conspirator, is scheduled to face trial in August 2025, and federal prosecutors have signaled that more revelations could come to light.

This wasn’t just a story about a fintech platform gone rogue; it was about two individuals, once respected in their personal and professional circles, who exploited a national crisis to build personal empires off the backs of taxpayer-funded aid.

The Final Act Yet to Come

The upcoming trial of Nathan Reis will be closely watched. His involvement is said to be even more hands-on than Hockridge’s, and prosecutors are expected to introduce additional financial records, internal communications, and potentially cooperating witnesses from inside Blueacorn.

For Hockridge, the fall has been both public and profound. From nightly news broadcasts to a federal courtroom, and eventually to prison. As sentencing approaches and the second half of this story prepares to unfold with Reis’ trial, one thing is certain: this case won’t be forgotten soon. It represents not just a massive fraud but a deeply personal betrayal of the very institutions, journalism, small business advocacy, and public relief that Americans count on during a crisis.