A federal jury in Texas convicted Stephanie Hockridge, 42, founder of the lender service provider Blueacorn, of participation in a massive PPP loan fraud scheme that defrauded taxpayers of tens of millions of dollars.
Hockridge, also known as Stephanie Reis, and previously of Arizona, conspired with others to submit false and fraudulent Paycheck Protection Program loan applications, including fabricating documents that falsified income and payroll to receive loan funds they were not eligible for.
According to court documents and evidence presented at trial, Hockridge and her co-conspirators fabricated documents, including payroll records, tax documentation, and bank statements, to obtain larger loans for certain PPP applicants.
“This defendant exploited a national emergency to personally profit from a taxpayer-funded program intended to support vulnerable individuals and small businesses,” said Matthew R. Galeotti, Head of the Justice Department’s Criminal Division. “This conviction demonstrates the Department’s commitment to holding individuals accountable for defrauding the government and wasting taxpayer money.”
“During a time of crisis in our country, this defendant abused the generosity of the American people by stealing money dedicated to the survival of small businesses to fraudulently enrich herself,” said Acting U. S. Attorney Nancy E. Larson for the Northern District of Texas. “We are proud of the diligent work of our law enforcement partners to hold her accountable and bring her to justice. Make no mistake, our efforts to bring such fraudsters to justice are ongoing.”
Hockridge was convicted of conspiracy to commit wire fraud, wire fraud, and false statements to a financial institution. She faces up to 30 years in prison and a $1 million fine.
Related Federal Cases
- Blueacorn Founder Reis Admits PPP Fraud · Puerto Rico
- Blueacorn Founder Convicted in $40M PPP Scam · Puerto Rico
- Texas Trio Busted in $Millions PPP & Stimulus Scam · Texas
- Texas Lawyer and Assistant Face Federal Charges for Obstruction of Justice · Texas
- Blueacorn Founder Pleads Guilty in PPP Fraud Scheme · Puerto Rico
Key Facts
- State: Texas
- Agency: DOJ USAO
- Category: White Collar Crime
- Source: Official Source ↗
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