Former news anchor charged with fraud in massive scheme to help small business obtain COVID relief funds

A former Arizona news anchor and her husband face life in prison if convicted of their involvement in a scandal focused on fraudulently obtaining government COVID funds.

Stephanie Hockridge-Reis, 41, and her husband, Nathan Reis, 45, were charged with one count of conspiracy to commit bank fraud and four counts of bank fraud. Ministry of Justice announced Friday.

If found guilty, the pair could face 20 years in prison on each charge.

The couple allegedly submitted false and fraudulent Paycheck Protection Program loan applications on behalf of themselves and their company, Blueacorn.

Hockridge-Reis and Reis co-founded the company in April 2020, after Hockridge-Reis left her position at ABC affiliate, Channel 15 KNXV-TV – a job she held for seven years.

The couple’s company was founded with the goal of helping small businesses and individuals obtain PPP loans.

The indictment, unsealed Friday, alleged that the couple fabricated documents they submitted in their loan applications to receive loan funds for which they were ineligible, according to court documents.

Further investigation into the couple revealed that they had allegedly charged their clients illegal fees for their services based on a percentage of the money received, the DOJ said.

Hockridge-Reis and Reis have also been accused of attempting to directly charge some applicants a 10 percent fee for successfully obtaining a loan, a violation of Small Business Administration rules.

Stephanie Hockridge-Reis, 41, and her husband, Nathan Reis, 45, were charged with one count of conspiracy to commit bank fraud and four counts of bank fraud, the Justice Department announced Friday. Pictured: Hockridge-Reis and her husband, Nathan Reis

Hockridge-Reis was summoned to appear in court in Dallas, Texas on November 25

An investigation of the loans revealed what the couple was willing to do for the money — including Reis claiming in an application that he was African American and a veteran.

Other evidence showed Hockridge-Reis describing the PPP as “$100 billion in free money.”

But even though the PPP loans were set up for small businesses, Hockridge-Reis allegedly told her staff, “Who the f*** cares.” We are not the first bank to turn away borrowers who deserve to be financed… They can go elsewhere.”

The U.S. Small Business Administration guaranteed support to keep businesses afloat during the COVID-19 pandemic through the Paycheck Protection Program under the Coronavirus Aid, Relief and Economic Security Act.

The DOJ also alleges that the couple recruited people to work as referral agents, who allegedly coached borrowers in submitting bogus PPP loan applications.

As part of the alleged scheme, the duo collected and reviewed applications from potential borrowers on behalf of the lenders.

The pair then worked with the lenders to submit applications to the U.S. Small Business Administration in exchange for a percentage of the fees paid to the lenders, the DOJ said.

Hockridge-Reis was summoned to appear in court in Dallas, Texas on November 25.

An attorney for the couple could not be reached for comment.