Scandal rocked Arizona as ex-television journalist Stephanie Hockridge prepares to swap the studio lights for prison bars—just in time for the post-Christmas blues. Hockridge, the once-familiar face of ABC15 Phoenix, found herself at the center of a jaw-dropping federal investigation into a massive COVID-era fraud operation.
On November 21, a Texas judge dropped the hammer, sentencing her to a decade behind bars—120 grueling months—for masterminding a wire fraud conspiracy tied to the pandemic’s Paycheck Protection Program (PPP). According to explosive revelations from prosecutors and the Department of Justice, Hockridge, alongside husband Nathan Reis, orchestrated fake payroll and tax paperwork so fake PPP applicants could snatch up fatter federal loans.
But the plot thickens—Hockridge was slapped with a jaw-dropping bill: nearly $64 million in restitution, to be paid with her co-conspirators. She’s also looking at two years of supervised release after her prison stint, in what’s shaping up to be the downfall of a local media darling.
Back in 2020, the couple ran Blueacorn, a lending service ostensibly designed to help businesses weather the pandemic. Prosecutors say this was just the tip of the iceberg; behind the scenes, the scheme had Hockridge and company collecting kickbacks from borrowers and instructing them on how to pad applications with bogus financials. One particularly bold move? Securing a loan for a non-existent company, say trial witnesses.
Their so-called ‘VIPPP’ service, marketed as personalized PPP guidance, actually recruited referral agents to help clients fudge the numbers—according to Justice officials. Hockridge was found guilty last June of conspiracy to commit wire fraud but dodged convictions on four related charges.
Blueacorn, based in Scottsdale, reportedly raked in over a billion dollars in loan processing fees, with its lender network funneling out more loans in 2021 than heavyweight banks J.P. Morgan, Chase, and Bank of America combined. After most of their fraudulent PPP cash was forgiven, sources say the couple fled to sunny Puerto Rico.
Federal authorities were unambiguous: Hockridge’s team exploited the chaos of the pandemic, siphoning taxpayer dollars from a program meant to keep small businesses afloat. The message to schemers? Justice comes for everyone—no matter how famous their face.
