Blueacorn owners indicted for fraud in PPP loan scheme

The co-founders of Blueacorn, a company that processed Paycheck Protection Program (PPP) loans, have been indicted for fraud. Nathan Reis and Stephanie Hockridge Reis face five criminal counts, including conspiracy and wire fraud, related to false loan applications. The indictment alleges they submitted fake documents to obtain COVID-19 relief funds for which they were ineligible. They are also accused of charging illegal kickbacks to borrowers and expanding operations through agreements with lenders. Reis was arrested in Puerto Rico, where the couple had been living. Hockridge is scheduled to appear in a Texas federal court on Monday. If convicted, they could each face up to 20 years in prison per count.