Stephanie Hockridge: From News Anchor to PPP Fraud Trial, Inside the Blueacorn Scandal

Stephanie Hockridge, once a familiar face as a Phoenix news anchor, now stands at the center of one of the most significant fraud cases to emerge from the COVID-19 pandemic. Alongside her husband, Nathan (Nick) Reis, Hockridge is set to stand trial on June 9th for alleged wire fraud and conspiracy related to the Paycheck Protection Program (PPP), a federal initiative designed to help small businesses survive the economic fallout of the pandemic.

Who Is Stephanie Hockridge?

Stephanie Hockridge, 41, is best known for her tenure as a news anchor at ABC15 in Phoenix, where she worked until 2018. After leaving journalism, she and her husband co-founded Blueacorn, a Scottsdale-based financial technology company. Blueacorn was established in April 2020 with the stated mission of helping small businesses and individuals access PPP loans during the pandemic.

The Alleged Fraud Scheme

Federal prosecutors allege that Hockridge and Reis orchestrated a complex scheme to defraud the PPP program, which was administered by the Small Business Administration (SBA) under the CARES Act. According to the indictment, the couple:

• Submitted false and fraudulent PPP loan applications for themselves and their businesses, fabricating documents such as payroll records, tax forms, and bank statements to qualify for funds they were not eligible to receive.

• Facilitated similar fraudulent applications for others, expanding Blueacorn’s operations through agreements with two lenders and charging illegal kickbacks to borrowers based on a percentage of the loan funds received.

• Allegedly received over $300,000 in PPP loans personally, with one application falsely claiming veteran and minority status.

• Amassed significant personal wealth during this period, reportedly purchasing luxury vehicles and an $8 million mansion in cash near Scottsdale, Arizona.

A Senate report noted that Blueacorn processed over $12 billion in PPP loans for more than 800,000 applicants, earning more than $1 billion in fees. However, investigators allege that over $250 million was disbursed to Blueacorn’s ownership, funds that should have been used for fraud prevention.

Blueacorn's Alleged Financial Overview

Category	Alleged Amount (USD)
Total PPP Processing Fees	>$1 Billion
Profits Transferred to Owners	~$300 Million
Spent on Fraud Prevention	~$8.6 Million
Given to Marketing Firm	~$666 Million

Culture of Negligence

Internal communications, particularly Slack messages attributed to Stephanie Hockridge Reis, allegedly reveal the company's priorities. These messages reportedly emphasized prioritizing large loans, with one stating, "closing these monster loans will get everyone paid". In reference to a $1.9 million loan, she allegedly wrote, "I don't need to tell you how much Blueacorn makes off that loan alone".

Conversely, for smaller loans, she reportedly instructed, "delete them, who f**king cares".

This sentiment was further echoed when she allegedly stated, "Who the f*** cares" about small businesses, implying they could "go elsewhere". Hockridge is also accused of describing the PPP as "$100 billion of free money".

Criminal Charges and Trial Details

Stephanie Hockridge and Nathan Reis have each been indicted on one count of conspiracy to commit wire fraud and four counts of wire fraud. Each count carries a potential sentence of up to 20 years in prison. Both have pleaded not guilty.

• Hockridge’s trial is scheduled to begin on June 9, 2025, while Reis’s trial is set for August 2025.

• Evidence for the trial includes encrypted WhatsApp messages, text messages about fraudulent loan applications, and photographs depicting lavish spending.

Broader Impact

The Blueacorn case is part of a larger federal crackdown on pandemic relief fraud, which has seen hundreds of defendants charged and billions in alleged losses. Congressional investigations have highlighted how online lending platforms, including Blueacorn, became hotbeds for fraudulent activity, often due to lax oversight and inadequate fraud prevention measures.