Ex-TV anchor sentenced to 10 years for $63M PPP Fraud
TEXAS - A co-founder of a lender service company was sentenced on Friday, November 21, 2025, to 10 years in federal prison for helping orchestrate a scheme that fraudulently secured more than $63 million in Paycheck Protection Program (PPP) loans during the COVID-19 pandemic.
Fabricated documents and inflated PPP loans
What we know:
42-year-old Stephanie Hockridge, of Arizona, who previously worked as a TV news anchor for KNXV in Phoenix, was also ordered to pay more than $63 million in restitution after a jury convicted her on June 20 of one count of conspiracy to commit wire fraud.
Prosecutors said Hockridge co-founded Blueacorn in April 2020 to assist small businesses in applying for loans guaranteed by the Small Business Administration under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
Instead, she and her co-conspirators fabricated payroll records, bank statements and tax documents to obtain larger loans for applicants, according to evidence presented at trial.
In total, Blueacorn processed more than $63 million in fraudulent loans.
"VIPPP" service and kickbacks
Dig deeper:
Authorities said Hockridge and others charged borrowers kickbacks based on the size of the loans they received.
They also offered a so-called "VIPPP" service, which involved recruiting referral agents who coached borrowers on submitting falsified loan applications. To increase the amount of kickbacks and lender fees paid by the SBA, Hockridge and her associates knowingly submitted PPP applications containing "materially false information," prosecutors said.
Exploiting a national crisis
What they're saying:
"These defendants exploited a national crisis to enrich themselves in this multimillion-dollar, taxpayer-funded fraud scheme," U.S. Attorney Ryan Raybould for the Northern District of Texas said in a news release.
FBI Dallas Special Agent in Charge R. Joseph Rothrock said Hockridge "used deceptive practices to exploit a government program for her own personal gain" in a program meant to help small businesses survive the pandemic.
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A Texas woman was sentenced to three years and five months in prison for her role in a scheme to file fraudulent PPP loan applications.
What's next:
The case was investigated by IRS Criminal Investigation, the Special Inspector General for Pandemic Recovery, the Federal Reserve Board–CFPB Office of Inspector General, the SBA Office of Inspector General and the FBI.
The case was prosecuted by the Justice Department’s Criminal Division and the U.S. Attorney’s Office for the Northern District of Texas.
The Source: Information in this article was provided by the U.S. Attorney's Office for the Northern District of Texas.