Stephanie Hockridge, The Forere Phoenix News Anchor-Turned-Fintech EntrepreneurHas Been Convicted of Conspiracy to Commit Wire Fraud in A Federal Case Involving Hundreds of Millions of Dollars in Covid Relief Funds.
A JUY IN THE NORTHEN DISTRICT OF TEXAS Found Hockridge Guilty on One Count of Conspiracy To Commit Wire Fraud. She was acquitted on four additional Counts of wire fraud. Sentencing is Scheduled for Oct. 10.
HOCKRIDGE’S CONVICTION WAS ANNOUNCED ON FRIDAY.
Stephanie Hockridge is a Former Television News Anchor Who Worked in Phoenix. Facebook / Stephanie Hockridge
HOCKRIDGE was convinced of One Count of Conspiracy to Commit Wire Fraud. Facebook / Stephanie Hockridge
According to Federal Prosecutors and Investigative Reports, Hockridge and Her Husband, Nathan Reis, fraudulently obtained over $ 300,000 in Paycheck Protection Program (PPP) Loans for Themselves, Including One Application That Falsly Claimed he was the veteran and an African American.
The Couple’s Scotttsdale-Based Fintech Firm, BlueCorn, Which They Co-Founded in 2020, Processed Over $ 12.5 Billion in PPP Loans-With Somewhere Between $ 250 Million and $ 300 Million Going to The Company’s Ownership, Including Hockridge.
BlueCorn Received Over $ 1 Billion in Taxpayer-Funded Processing Fees For Facilitating PPP Loans But SPent Less Than 1% ($ 8.6 Million) On Fraud Prevention and Only $ 13.7 Million on Eligibility Verification, According to Congressional Investigation.
HOCKRIDGE AND HER HUSBAND, NATHAN REIS, ARE ALLEGED TO HAVE FRAUULENTLY OBTAINED HUNDUS OF MILLIONS OF DOLLARS IN PPP LOANS. Kpnx
The PPP was an $ 800 Billion Federal Loan Initiative Launched in 2020 to Help Small Businesses Kep Workers Employed During the Covid-19 Pandemic.
It was part of The Broader Effort – Including Grants, Tax Credits and Emergency Loans – Aimed at Stabilizing the US Economy and Preventing Mass Business Closures and Layoffs.
Investigators alleged that the Couple Used the PROCEDEDS TO ENRICH THEMSELVES Personally.
Congress Said it Obtained a Video Created by Reis and Hockridge Showing Off Amounts of Cash in a bar on Dec. 21, 2021. According to public records, kings relocated to san Juan, Puerto Rico, Which has in capital Gains Tax, following His work at BlueCorn.
An oct. 8, 2021, Video obtained by Congressional Staffers Which Was Geolocated to San Juan Showed Hockridge and Reis on the Balcony of A Luxury Beachfron Apartment.
ACCORDING TO CONGRESSIONAL REPORT, BLUEACON ROUTINELY FAILED TO PROPERLY VET APPLICANTS AND CHARGED ILLEGAL “SUCCESS FEES” TO PORROWERS – VIOLATING SMALL BUSINESS ADMINISTRATION RULES.
The couple is alleged to have pocketed anywhere between $ 250 Million and $ 300 Million in profit a result of the scheme. Facebook / Stephanie Hockridge
The Congressional Report Detailed How BlueCorn’s Leadership Instructed Staff to Prioirize Speed Over Accuracy.
Internal Messages Showed Reviewers Were Told To “Push Through” Questionable Applications, Ignore Red Flags, and Skip Identity Checks Unless Fraud Was “Extremély Obvious.” Some Staff Processed Hundreds of Loans with in Training – Sometimes Within 30 Seconds Each.
Reis is alleged to have fraudulently obtained loans by claiming he was Black. Facebook / Stephanie Hockridge
The Subcommittee also uncovered the existance of a “VIPPP” Program That Allowed High-Dollar Clients to Bypass Standard Review Protocols. Founders Dismissed Smaller Loan Applicants with Phrases Like “Delete Them,” “Who F – King Cares” and “They Go Elsewhere.”
HOCKRIDGE, 42, Was Once Family Face in Arizona Households. She SPent Seven Years as anchor at knxv-tvThe ABC affiliate in phoenix, and Had Previously Worked as Reporter for Cbs News Radio in London.
She was nominated for an emmy and named “Favorite Newsaster” by Arizona Foothills Magazine.
Kings is scheduled to stand trial in August 2025 on Related Charges. Prosecutors Allege He Played a Lead Role in Directing the Company’s Operations and Handling Its Financial Distributions.
HOCKRIDGE SPENT SEVEN YEARS ANCHORING THE NEWS AT KNXV-TV IN PHOENIX. Facebook / Stephanie Hockridge
HOCKRIDGE’S CONVICTION MARKS ONE OF THE HIGHET-PROFILE PPP FRAD CASES TO DATE INVOLRving A PUBLIC FIGURE.
Fraud Related to Covid-19 Relief Programs Was Unprecedented in US History, With Losses Estimated in the Hundreds of Billions – Possibly Up to $ 1 Trillion.
The PPP, Economic Injury Disaster Loans and Unemployment Insurance Programs Were Special Vulnerable – With Watchdogs Reporting Widespread Misuse, Insider Abuse and SYSTEMIC FAILURES IN FRAUD Prevention.
The Post has Southt Comment from Hockridge and Reis.
