Criminal sentence
Ten-year sentence in a $63 million PPP scheme
The Justice Department said fabricated payroll and tax records were used to obtain SBA-guaranteed loans, with restitution over $63 million.
On November 21, 2025, the Office of Public Affairs said Stephanie Hockridge, also known as Stephanie Reis, 42, was sentenced to 10 years in prison and ordered to pay over $63 million in restitution. A jury on June 20 found her guilty of conspiracy to commit wire fraud. 1 Source 1
The release says she co-founded Blueacorn in April 2020 and that she and co-conspirators fabricated payroll records, tax documents, and bank statements to obtain larger Paycheck Protection Program loans guaranteed by the Small Business Administration. It says borrowers were charged kickbacks and that the scheme processed over $63 million in fraudulent loans. 1 Source 1