BREAKING: A new congressional report claims a local company founded by a former ABC15 anchor abused PPP loans to earn millions of dollars in profit: abc15
PHOENIX — A Scottdale-based company that processed Paycheck Protection Program loan applications during the pandemic failed to screen out applicants with signs of fraud while abusing the program to enrich its owners, according to a congressional subcommittee.The video in the player above is from December 2021 coverage of the initial fraud investigation.
Local Blueacorn founders include former ABC15 anchor Stephanie Hockridge Reis and her entrepreneur husband Nate Reis. On Thursday, the Select Subcommittee on the Coronavirus Crisis released a staff report detailing the poor performance of many financial technology companies, known as fintechs, in administering the nation’s largest pandemic relief program.
"Even as these companies failed in their administration of the program, they nonetheless accrued massive profits from program administration fees, much of which was pocketed by the companies’ owners and executives," subcommittee Chairman Rep. James E. Clyburn said in a written statement."On top of the windfall obtained by enabling others to engage in PPP fraud, some of these individuals may have augmented their ill-gotten gains by engaging in PPP fraud themselves.
When reached by phone last December, Hockridge refused to discuss the company. Hockridge worked for ABC15 from 2011 to 2018. In December 2021, a company spokesperson said Hockridge and Reis no longer had an active role of responsibility in the company.
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