Former News Anchor on Trial for Wire Fraud in COVID-19 Loan Scheme
FORT WORTH, TX — Stephanie Hockridge, a former ABC15 news anchor, is currently on trial for wire fraud, accused of orchestrating a scheme that involved falsifying documents and financial data to secure government loans for businesses. Prosecutors allege that Hockridge, her husband Nate Reis, and others from their financial tech company, Blueacorn, submitted bogus applications for Paycheck Protection Program (PPP) loans, fraudulently obtaining a staggering $300 million.
During the trial’s opening statements, federal prosecutors characterized the case as driven purely by greed. According to court documents, Blueacorn facilitated applications for roughly $12 billion in PPP loans. While Hockridge’s defense team argues that their client was merely one actor among many and acted in good faith, the prosecution plans to present multiple cooperating witnesses, including another Blueacorn founder, who indicated collective knowledge about the fraudulent activities.
The couple, who moved to Puerto Rico post-indictment, face charges including conspiracy to commit wire fraud. Both have pleaded not guilty, with Hockridge’s trial underway while Reis will face charges subsequently. The trial is expected to focus on the practices of the company and the extent of responsibility Hockridge held in identifying fraudulent applications.
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