A former TV news anchor was convicted of fraudulently obtaining COVID-19 relief funds for small businesses through the Paycheck Protection Program.

Stephanie Hockridge, 42, a co-founder of the Scottsdale-based lender service provider Blueacorn and a former anchor at the Phoenix ABC affiliate KNXV-TV, was found guilty on Friday by a federal jury in connection with a scheme to fraudulently obtain tens of millions of dollars in PPP loans, according to the Department of Justice.

She was convicted of conspiracy to commit wire fraud and acquitted of four counts of wire fraud, and faces a prison sentence of up to 20 years. Her sentencing hearing is on Oct. 10.

Hockridge, who lives in Puerto Rico after she and her husband, Nathan Reis, left Arizona, was shown in court to have conspired with others to submit fraudulent PPP loan applications, including by fabricating documents that falsified income and payroll to receive loan funds for which they were ineligible.

“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,” Acting U.S. Attorney Nancy E. Larson for the Northern District of Texas said in a statement on Monday.

“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 co-founded Blueacorn in April 2020 to purportedly assist small businesses and individuals in obtaining PPP loans, prosecutors proved at trial. She and her co-conspirators fabricated documents — including payroll records, tax documentation, and bank statements — to get larger loans for certain PPP applicants. Borrowers were charged kickbacks by Hockridge and her co-conspirators based on a percentage of the funds received.

She and others offered a personalized service to their clients called “VIPPP” to help potential borrowers complete PPP loan applications. VIPPP referral agents were recruited by Hockridge and coached borrowers on how to submit false PPP loan applications. Hockridge and her co-conspirators submitted false PPP loan applications to get more kickbacks from borrowers and a higher percentage of lender fees from the U.S. Small Business Administration.

Hockridge's husband, Reis, is scheduled to stand trial in August 2025 on related charges, as prosecutors allege that he played a lead role in directing Blueacorn's operations and handling its financial distributions, the New York Post reported.