Former ABC Anchor and Husband Indicted

A couple Stephanie Hockridge and husband is now facing multiple federal charges, including one count of conspiracy to commit wire fraud and four counts of wire fraud, each of which carries a potential 20-year prison sentence, according to reports from AZFamily. These charges stem from their alleged role in manipulating the Paycheck Protection Program (PPP) during the height of the COVID-19 pandemic. Prosecutors have accused the couple of not only submitting fraudulent loans for themselves but also profiting by helping others exploit the system in various deceptive ways.

The scale of this alleged fraud became clearer during Congressional hearings in 2022, which exposed shocking practices at BlueAcorn, a company that became a key player in the PPP loan landscape. Despite having only a single employee handling loan applications, BlueAcorn processed nearly three times the number of PPP loans in 2021 compared to major banking institutions like J.P. Morgan Chase and Bank of America combined. Such staggering numbers highlighted significant vulnerabilities in the system and raised questions about how BlueAcorn managed to handle such a volume of loan approvals with minimal staffing.

Investigative findings revealed disturbing practices within BlueAcorn. Internal messages showed that Hockridge, a key figure in the company, dismissed concerns about smaller loan applicants, instructing staff to decline deserving borrowers and telling them to seek funding elsewhere. This disregard for legitimate applicants highlighted a systemic failure that allowed potentially millions of dollars to slip through the cracks of the PPP approval process.

The couple allegedly engaged in a variety of fraudulent activities. One of the most audacious actions involved attempting to charge PPP applicants a 10% fee for successful loan approvals, which violated Small Business Administration (SBA) rules. In an even more daring move, Reis reportedly falsified his own loan application by falsely claiming he was both an African American individual and a military veteran. Additionally, the couple is accused of requesting direct payments from PPP borrowers, which led to significant financial losses for applicants who trusted the system.

The investigation into BlueAcorn’s practices was initially prompted by a report from Arizona’s Family investigative reporter Amy Cutler. Her findings uncovered the questionable activities of the company and called for a federal investigation. The Congressional report that followed highlighted the lack of proper training for loan reviewers, which contributed to the massive scale of fraudulent approvals, potentially amounting to billions in losses.

Internal communications obtained by investigators revealed Hockridge referring to the PPP as “$100 billion dollars of free money,” emphasizing the scale of opportunities the couple sought to exploit. Their alleged activities were not limited to loan processing but also extended to their lifestyle choices. According to reports, the couple used their illicitly obtained gains to create a luxurious lifestyle in Puerto Rico. Reis was eventually apprehended by federal authorities, while Hockridge is scheduled to appear in federal court in Fort Worth, Texas, on November 25.

The investigation sheds light on broader issues of fraud and abuse within pandemic relief programs. Inspector General Michael E. Horowitz pointed out the extensive exploitation of the PPP, noting that around 57,000 PPP applications were submitted by individuals who were already on the Do Not Pay list. These fraudulent applications cost the federal government billions of dollars.

Congressman Jim Clyburn emphasized the devastating impact of these crimes on Americans during a time of crisis. He stated that “criminals and criminal organizations took advantage of Americans suffering during this crisis and committed substantial fraud against these critical pandemic relief programs.”

As authorities continue to investigate these allegations, it highlights the challenges and vulnerabilities in distributing relief funds during emergency situations. The case serves as a stark reminder of the necessity for stronger oversight and accountability to ensure that relief programs like the PPP are safeguarded against exploitation, ensuring that aid reaches the businesses and individuals who truly need it.

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