Blueacorn’s Stephanie Hockridge Trial Slated for May 15th

April 18, 2025

Bob Coleman
Founder & Publisher

Fraud Friday — Blueacorn’s Stephanie Hockridge Trial Slated for May 15th

With one of Blueacorn’s co-founders scheduled for trial next month, I am beginning a series of Fraud Friday reports examining PPP loan fraud. 

History may very well judge this as the most egregious PPP loan fraud case.

Some background:

Blueacorn processed over $12 billion for more than 800,000 PPP loans. For its work, Blueacorn received over $1 billion in fees.

Stephanie Hockridge, a former Phoenix news anchor, and her husband, 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 20-year prison sentence.

The Feds allege Hockridge and Reis submitted fraudulent PPP loan applications for themselves and facilitated similar applications for others by fabricating documents such as payroll records, tax forms, and bank statements. They allegedly charged illegal kickbacks to borrowers based on a percentage of the loan funds received, violating Small Business Administration rules.

A Senate report states, “Blueacorn had disbursed to its ownership over $250 million” — implying those funds should have been used for fraud prevention.

Famously, Blueacorn management repeatedly told its staff, “We are not the fraud police.” 

Management said that even if applicants submitted fraudulent documents, Blueacorn was protected by the applicants’ attestation that their submissions were truthful. Furthermore, the company suggested that even fraudulent applications would help stimulate the economy. 

“We want you to submit. The more you submit, the more we get paid.”

Source: Select Subcommittee Report