FORT WORTH, TX — A verdict has been reached in the trial for one of the founders of Blueacorn, a company that helped process Paycheck Protection Program loans during the COVID-19 pandemic.
Stephanie Hockridge, who worked as an ABC15 news anchor from 2011 to 2018, started the financial tech company in Scottsdale with her husband, Nathan Reis, and others in 2020.
On Friday, a jury found Hockridge guilty on one count of conspiracy to commit wire fraud. She was acquitted of four counts of wire fraud.
On Monday, a federal magistrate decided that Hockridge could await sentencing from her home in Puerto Rico with a GPS monitoring device. Before agreeing to home confinement, the magistrate weighed arguments about flight risk, the non-violent nature of the crime and the needs of Hockridge's infant son.
Hockridge and Reis were indicted by a grand jury in November 2024 on federal charges, one count of conspiracy and four counts of wire fraud.
Hockridge's trial began earlier this month, while Reis's trial is scheduled for August. Reis has pleaded not guilty.
During Hockridge's trial, prosecutors said the couple and their co-conspirators submitted fraudulent Paycheck Protection Program applications to obtain forgivable COVID-19 relief loans for businesses and individuals.
READ MORE: Scottsdale-based Blueacorn founders indicted in PPP loan fraud investigation
The trial took an unexpected emotional turn as the former ABC15 newscaster sobbed and briefly left the courtroom after an FBI agent recounted the arrest of her husband.
See previous ABC15 coverage of the Blueacorn trial below and in the player above.
Hockridge's defense attorney questioned the FBI agent about why he didn't interview certain borrowers or review more banking and tax records to rule out other explanations for PPP loan amounts.
Sentencing is scheduled for October 10, 2025. She faces up to 20 years in prison.
