TIPSHEET
Co-Founder of Paycheck Protection Program Service Sentenced for $63M COVID-19 Relief Fraud Scheme
Scott McClallen | November 22, 2025 1:00 PM
A co-founder of a lender service provider was sentenced to 10 years in prison for defrauding the Paycheck Protection Program by $63 million.
Court documents say that Stephanie Hockridge, also known as Stephanie Reis, 42, of Rio Grande, Puerto Rico, and previously of Arizona, co-founded Blueacorn in April 2020, purportedly to assist small businesses and individuals in obtaining PPP loans.
The U.S. Small Business Administration guaranteed the loans under the Coronavirus Aid, Relief, and Economic Security Act. The defendant was also ordered to pay over $63 million in restitution.
Hockridge and her co-conspirators fabricated documents, including payroll records, tax documentation and bank statements. Hockridge and her co-conspirators charged borrowers kickbacks based on a percentage of the funds received.
Hockridge and others offered a personalized service to their clients called “VIPPP” to help potential borrowers complete PPP loan applications. Hockridge recruited co-conspirators to work as VIPPP referral agents and coach borrowers on how to submit false PPP loan applications. To get more kickbacks from borrowers and a higher percentage of lender fees from the SBA, Hockridge and her co-conspirators submitted PPP loan applications that they knew contained materially false information. In total, Hockridge and her coconspirators processed over $63 million in fraudulent PPP loans.
On June 20, a jury found Hockridge guilty of one count of conspiracy to commit wire fraud.
Acting Assistant Attorney General Matthew R. Galeotti of the Justice Department’s Criminal Division; U.S. Attorney Ryan Raybould for the Northern District of Texas; Acting Assistant Special Agent in Charge Don Daley of the Office of Inspector General for the Board of Governors of the Federal Reserve System and Consumer Financial Protection Bureau Western Region; and Special Agent in Charge Christopher J. Altemus Jr. of the IRS Criminal Investigation (IRS-CI) Dallas Field Office made the announcement.
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READ MORE: https://townhall.com/tipsheet/scott-mcclallen/2025/11/22/co-founder-of-paycheck-protection-program-lender-sentenced-for-63m-covid-19-relief-fraud-scheme-n2666873
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