A former Emmy-nominated news anchor has been convicted in a federal COVID-19 relief fraud case after prosecutors revealed she and her husband knowingly applied for pandemic-era loans they didn’t qualify for — including one application falsely claiming the applicant was both a veteran and African American.
Stephanie Hockridge-Reis, 42, who previously worked as a news anchor for KNXV-TV in Phoenix, was found guilty in June on one count of conspiracy to commit wire fraud. She was acquitted on four other wire fraud charges and is scheduled to be sentenced on October 10. She faces up to 20 years in prison.
Hockridge-Reis and her husband, Nathan Reis, 47, were accused of fraudulently obtaining more than $300,000 in Paycheck Protection Program (PPP) loans, part of a broader scheme involving their Scottsdale-based fintech company, Blueacorn, which they co-founded in 2020.
According to a federal indictment, Hockridge-Reis sent a text message to her husband during the PPP application process that read: “This is us trying to apply for free money — when we don’t quite qualify. lol.”
Despite positioning themselves as advocates for small businesses during the pandemic, prosecutors allege the couple personally profited from the loans, using them to enrich themselves. A congressional report revealed that Blueacorn processed over $12.5 billion in PPP loans, earning between $250 million and $300 million for its owners, including Hockridge-Reis.
The company received over $1 billion in taxpayer-funded fees for processing applications but reportedly spent less than 1% on fraud prevention and eligibility checks. Blueacorn was also found to have charged illegal “success fees” and failed to properly vet applicants, according to congressional investigators.
A video uncovered during the investigation showed the couple flashing large amounts of cash at a bar, while another clip featured them at a luxury beachfront apartment in Puerto Rico, where Reis has since relocated — reportedly taking advantage of the territory’s favorable tax laws.
In court, Hockridge-Reis claimed she was trying to help small businesses navigate the PPP system during a chaotic and unprecedented time.
Hockridge-Reis had been a prominent figure in Arizona media, spending seven years with KNXV-TV and previously reporting for CBS News Radio in London. She was once named “Favorite Newscaster” by Arizona Foothills Magazine and earned an Emmy nomination during her journalism career.
Her conviction stands as one of the most high-profile cases involving alleged abuse of the $800 billion PPP program, which was designed to help small businesses retain workers during the COVID-19 crisis.
