Stephanie Hokridge, a former fentech-kotva entrepreneur, turned into news, has been convicted of conspiracy to carry out wire fraud in a federal case involving hundreds of millions of dollars in Covid relief.
A hearing in the northern district of Texas found Hokridge guilty of one conspiracy for carriage fraud. It was justified by four additional numbers of wire fraud. The sentence is scheduled for October 10.
Hockridge’s sentence was announced on Friday.
Stephanie Hokridge is a former television news presenter who works in Phoenix. Facebook / Stephanie Hokridge
Hocridge was convicted of a census of a conspiracy for carried wire fraud. Facebook / Stephanie Hokridge
According to federal prosecutors and investigation reports, Hocrie and her husband, Nathan Reis, have received more than $ 300,000 to protect the wage protection program (PPP) for themselves, including a statement that is falsely claims to be a veteran and African -American.
The Fintech-based couple, based in Scottsdale, Blueacorn, which are co-founded in 2020, have processed over $ 12.5 billion loans for PPP-like between $ 250 million and $ 300 million go to the company’s ownership, including Hockridge.
Blueacorn has received over $ 1 billion in taxpayer processing fees to facilitate PPP loans, but consumes less than 1% ($ 8.6 million) to prevent fraud and only $ 13.7 million to check the eligibility, according to a congress investigation.
Hokridge and her husband, Nathan Reis, are supposed to have received a fraudulent hundred millions of dollars for PPP loans. Kpnx
The PPP was a federal $ 800 billion loan initiative, launched in 2020 to help small businesses retain workers hired during the Covid-19 pandemic.
It was part of a broader effort – including grants, tax loans and emergency loans – aimed at stabilizing the US economy and preventing mass closure and redundancies.
Investigators say the couple used the revenues to enrich themselves.
The Congress said he received a video created by a flight and Hocris showing large quantities of money at a bar on December 21, 2021. According to public records, Race moved to San Juan, Puerto Rico, who has no tax on capital profits after working at Blueacorn.
October 8, 2021, a video received by congressional staff, which was geolycqued in San Juan, showed Hokrid and a flight on the balcony of a luxury apartment on the beach.
According to a congressional report, Blueacorn regularly failed to properly check the candidates and charged the illegal “fees for success” of the borrowers – violating the rules for the administration of small business.
The couple is said to have raised between $ 250 million and $ 300 million everywhere as a result of the scheme. Facebook / Stephanie Hokridge
The Congress report describes in detail how the Blueacorn management instructs staff to prioritize speed over accuracy.
Internal messages show that reviewers have been told to “make” dubious applications, ignore red flags and miss identity checks unless the scam is “extremely obvious”. Some employees have cultivated hundreds of loans without training – sometimes within 30 seconds each.
Reis is said to have received fraudulent loans, claiming he was black. Facebook / Stephanie Hokridge
The subcommittee also revealed the existence of a VIPPP program, which allows high dollar customers to bypass standard review protocols. The founders rejected the smaller candidates for a loan with phrases like “wipe them”, “who cares” and “they go elsewhere.”
The 42 -year -old Hokridge was once a familiar face in Arizona households. She spent seven years anchored at KNXV-TV, ABC’s ABC branch, and had previously worked as a CBS News Radio reporter in London.
She was nominated for Emmy and named the “beloved news” by Arizona Foothills magazine.
A flight is planned to be tested in August 2025 on related fees. Prosecutors say he played a major role in targeting the company’s operations and dealing with his financial allocation.
Hockridge spent seven years fastening the news in KNXV-TV in Phoenix. Facebook / Stephanie Hokridge
Hockridge’s verdict marks one of the most profitable cases of PPP scam so far, including a public figure.
The fraud related to Covid-19 assistance programs has been unprecedented in US history, with losses being estimated in hundreds of billions of billions-probably up to $ 1 trillion.
PPPs, disasters loans in economic injuries and unemployment insurance programs were particularly vulnerable – with guards reporting widespread abuse, abuse of internal people and systemic failures in the prevention of fraud.
The post has sought a comment from Hokridge and Reis.