$1bn+in PPP loans processed by a fintech whose own founders defrauded the program
A congressional investigation found the fintech Blueacorn processed over $1 billion in PPP loans, nearly three times as many as every major bank combined, while its own co-founders ran a fraud scheme through it.
Nathan Reis and Stephanie Hockridge, Blueacorn's co-founders, were each sentenced to 10 years in prison in late 2025 for a scheme prosecutors said defrauded the program of over $63 million.
Source: AZFamily (KTVK/KPHO, Phoenix). Read more: ppp loan fraud · case file