Disgraced news anchor admitted to COVID fraud – Business News
A former Emmy-nominated TV news anchor convicted in a billion-dollar COVID fraud scheme despatched a scandalous textual content to her accomplice in crime that joked about dishonest taxpayers out of taxpayer money.
Stephanie Hockridge-Reis, who labored for a native station in Phoenix earlier than turning into a fintech entrepreneur, despatched the message to her husband, Nathan Reis, after making use of for Payment Protection Program (PPP) loans during the peak of the pandemic.
“This is us trying to apply for free money — when we don’t quite qualify. lol,” she texted Reis, 47, in accordance to a federal indictment obtained by The Arizona Republic.
Former TV anchor Stephanie Hockridge-Reis despatched an scandalous textual content to her husband joking about
dishonest t taxpayers out of authorities funds. House Select Subcommittee on the Coronavirus Crisis
The couple was accused of fraudulently acquiring over $300,000 in PPP loans for themselves, together with one software that falsely claimed he was a veteran and an African American.
Reis took a plea deal on Monday and will likely be sentenced in November.
Hockridge-Reis, 42, was discovered guilty on one depend of conspiracy to commit wire fraud in June by a jury within the Northern District of Texas. She was acquitted on 4 further counts of wire fraud. Sentencing is scheduled for Oct. 10.
She faces up to 20 years in jail.
The Post has sought remark from the duo.
The anchor and her husband, Nathan Reis, had been convicted of a billion-dollar COVID money scheme in June. Facebook / Stephanie Hockridge
The couple’s Scottsdale-based fintech firm, Blueacorn, which the couple co-founded in 2020, processed over $12.5 billion in PPP loans — with someplace between $250 million and $300 million going to the company’s possession, together with Hockridge-Reis.
Blueacorn acquired over $1 billion in taxpayer-funded processing charges for facilitating PPP loans however spent much less than 1% ($8.6 million) on fraud prevention and solely $13.7 million on eligibility verification, in accordance to a congressional investigation.
The PPP was an $800 billion federal loan initiative launched in 2020 to help small companies keep employees employed during the pandemic.
It was half of a broader effort — together with grants, tax credit and emergency loans — geared toward stabilizing the US economic system and stopping mass business closures and layoffs.
The former KNXV-TV anchor claimed that her actions had been a “sincere effort to support small businesses” in navigating a chaotic authorities drawback during an period of “unprecedented need.” Facebook / Stephanie Hockridge
Investigators claimed that the couple used the proceeds to enrich themselves personally, nonetheless.
The former KNXV-TV anchor claimed that her actions had been a “sincere effort to support small businesses” in navigating a chaotic authorities drawback during an period of “unprecedented need.”
As half of the proceedings, Congress mentioned it obtained a video created by Reis and Hockridge-Reis displaying off massive quantities of money in a bar on Dec. 21, 2021. According to public information, Reis relocated to San Juan, Puerto Rico, which has no capital good points tax, following his work at Blueacorn.
Reis took a plea deal over his function within the funding scandal. KPNX
Another video months earlier confirmed Hockridge and Reis on the balcony of a luxurious beachfront condominium in San Juan, The Post beforehand reported.
A congressional report discovered that Blueacorn routinely failed to correctly vet candidates and charged unlawful “success fees” to debtors — violating Small Business Administration guidelines.
The report additionally detailed how Blueacorn’s management instructed workers to prioritize velocity over accuracy.
Hockridge-Reis was as soon as a acquainted face in Arizona households. She spent seven years as an anchor at
KNXV- TV, the ABC affiliate in Phoenix. Facebook / Stephanie Hockridge
Hockridge-Reis was as soon as a acquainted face in Arizona households. She spent seven years as an anchor at KNXV-TV, the ABC affiliate in Phoenix, and had beforehand labored as a reporter for CBS News Radio in London.
She was nominated for an Emmy and named “Favorite Newscaster” by Arizona Foothills Magazine.
Her conviction marks one of the highest-profile PPP fraud circumstances to date involving a public determine.
Fraud associated to COVID-19 reduction applications was unprecedented in US historical past, with losses estimated within the lots of of billions.
The PPP, Economic Injury Disaster Loans and unemployment insurance coverage applications had been particularly weak — with watchdogs reporting widespread misuse, insider abuse and systemic failures in fraud prevention.
