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Daily Mail
an hour ago
- Daily Mail
Appalling text Phoenix news anchor sent husband that ended with their lives in ruins
A glamorous ex-news anchor convicted of a billion-dollar fintech scheme sent a text to her husband admitting they were fraudulently applying for government funds. Stephanie Hockridge-Reis's appalling message to her husband Nathan Reis emerged as Reis took a plea deal over his part in the Covid-19 funding scam. The couple were accused of submitting false applications for Payment Protection Program (PPP) loans during the height of the pandemic. Hockridge-Reis, 42, pleaded not guilty, but a federal jury convicted her of one count of conspiracy to commit wire fraud in June this year. She was acquitted of four counts of wire fraud. Prosecutors allege the couple coached borrowers to submit fraudulent PPP loan applications and received kickbacks once the funds were secured. The former KNXV-TV anchor claimed her actions were a 'sincere effort to support small businesses' in navigating a chaotic government problem during an era of 'unprecedented need'. But a text message she reportedly sent to Reis, 47, that appears to admit guilt has re-emerged after he pleaded guilty to their crime. 'This is us trying to apply for free money — when we don't quite qualify. lol,' she texted Reis, according to a federal indictment obtained by The Arizona Republic. Stephanie Hockridge-Reis allegedly sent a text to her husband admitting that she knew they were 'trying to apply for free money — when we don't quite qualify' Reis was scheduled to stand trial this month but entered into a plea deal on Monday, court records show. He will be sentenced in November. A federal jury found Hockridge-Reis guilty of conspiracy following the end of her trial in June. The case centered on Blueacorn, the fintech firm the couple co-founded in April 2020, just weeks after Hockridge-Reis left her anchor job. Blueacorn claimed to help small businesses navigate the PPP loan process, a lifeline created by Congress to keep workers employed during the Covid crisis. In reality, investigators say the company became a fraud factory. According to a congressional subcommittee, Blueacorn processed over $12.5 billion in loans and pocketed up to $300 million for its ownership group, while spending virtually nothing on fraud prevention. While many small businesses struggled to survive during the pandemic, the Reis family were living large, filming videos with bricks of cash, flaunting Rolex watches, and vacationing on the balconies of tropical locales. The court was shown photos of her holding stacks of $100 bills in a bathtub and video captured at a luxury beachfront apartment in Puerto Rico, where the couple had relocated to avoid US capital gains tax. The jury also saw internal messages encouraging staff to 'push through' loan applications with no regard for red flags and a so-called 'VIPPP' list that allowed high-dollar clients to bypass security checks. 'Who the f*** cares,' she allegedly said in one message about improperly rejected applicants. 'We're not the first bank to decline borrowers who deserve to be funded… They can go elsewhere.' Another text cited by prosecutors reportedly described her as 'the MVP' of the operation. Hockridge-Reis, an Emmy-nominated journalist who once graced magazine covers as ' Arizona 's Favorite Newscaster', will appear in court for sentencing on October 10. She faces up to 20 years in prison for the conspiracy conviction. According to court filings, the couple submitted fraudulent PPP applications for themselves, including one claiming Reis was both African American and a military veteran - both lies. They received at least $300,000 in personal PPP funds. They also charged borrowers illegal 'success fees,' violating SBA rules, and even struck kickback deals with banks, collecting percentages of loans that were funded, prosecutors alleged. Blueacorn's practices were so brazen that Congress launched a formal investigation, revealing that while the company collected over $1 billion in taxpayer-funded processing fees, it spent only $8.6 million on fraud prevention, less than 1 percent of its intake. She spent seven years as a respected anchor for the Phoenix-based ABC affiliate and previously worked for CBS News Radio in London. Her career accolades include an Emmy nomination and features in local lifestyle publications One congressional report summarized the company's internal directive succinctly: Speed over accuracy. Some employees, with zero financial training, were reportedly processing hundreds of loans in under 30 seconds each. 'This was not about helping small businesses,' a federal official close to the investigation said. 'It was about siphoning off a national crisis for personal gain.' During the trial, federal attorneys also introduced a superseding indictment alleging that the couple fabricated payroll records, tax documents, and bank statements. In one application, Hockridge-Reis and Reis claimed to own an Amazon business generating six figures. Another loan was issued to a nonexistent company they claimed had multiple employees. The couple allegedly rerouted money through a chain of bank accounts, using interstate wires to disguise their tracks. Federal investigators say that Reis played a central role in overseeing Blueacorn's day-to-day operations and financial distributions - and helped foster the toxic culture that prioritized profit above all else. Reis plead guilty to one count of conspiracy to commit wire fraud on Monday. He is scheduled to be sentenced on November 21 and also faces a maximum penalty of 20 years in prison. The couple's case was also connected to Eric and Anthony Karnezis, two men who earlier this year pleaded guilty to PPP fraud in a related case. Eric Karnezis agreed to pay between $25 million and $65 million in restitution; Anthony agreed to repay between $3.5 million and $9.5 million. The convictions underscore what federal watchdogs have called the largest fraud wave in US history - fueled by emergency Covid aid programs and exploited by thousands of bad actors. The Paycheck Protection Program, meant to protect workers, became a cash cow for predators.
Reuters
2 hours ago
- Reuters
Beijing E-Town sues US firm Applied Materials alleging trade secrets leak
BEIJING, Aug 13 (Reuters) - Beijing E-Town Semiconductor Technologies ( opens new tab, a semiconductor equipment firm backed by Beijing's government, on Wednesday said it has sued U.S. chip equipment supplier Applied Materials (AMAT.O), opens new tab over alleged trade secrets infringement. Applied Materials had illegally obtained and used Beijing E-Town's core technology secrets related to plasma sources and wafer surface treatment, the Beijing-based company said according to a filing on the Shanghai Stock Exchange. The company, which is seeking 99.99 million yuan ($13.94 million) in compensation, alleged that Applied Materials had disclosed technical secrets by applying for a patent in China and claiming the patent's application rights. Applied Materials did not immediately respond to a request for comment. In 2016, Beijing E-Town acquired Mattson Technology, a California-based semiconductor wafer processing equipment designer and manufacturer. Applied Materials sued Mattson in 2022, alleging that it had hired its former employees with the intention of stealing trade secrets. In 2023, Mattson countersued Applied Materials making similar accusations. In the new case filed with the Beijing Intellectual Property Court, Beijing E-Town alleged that Applied Materials had hired two former Mattson employees, who were later listed as the principal inventors behind a patent filed by Applied Materials in China. The patent, filed with China's intellectual property administration, disclosed confidential technical know-how jointly held by Beijing E-Town and Mattson, Beijing E-Town said. Applied Materials' actions, the Beijing firm said, violated China's fair competition law and constituted infringement of its trade secrets. The Beijing court has accepted the civil case but no court hearing has yet been held, Beijing E-Town said. ($1 = 7.1746 Chinese yuan renminbi)
Reuters
3 hours ago
- Reuters
China July bank loans unexpectedly contract for first time in 20 years
BEIJING, Aug 13 (Reuters) - China's new yuan loans contracted in July for the first time in 20 years as the economy struggled, falling well short of analysts' forecasts, but improvements in broader credit growth suggest the central bank is in no rush to ease policy. While new loans typically fall in July after strong gains in June when banks strive to meet quarterly targets, the latest reading was well below even the most pessimistic analyst's forecasts, pointing to weak private sector demand as Beijing tries to negotiate a durable trade deal with Washington. "The July credit data was weak, but money supply exceeded expectations, reflecting the impact of last year's low base and debt resolution efforts," said Xing Zhaopeng, senior China strategist at ANZ. "At present, monetary policy has entered a period of observation, and a rate cut is unlikely in the short term. From the perspective of liquidity needs, a reserve requirement ratio (RRR) cut could also be delayed. Structural monetary policy remains the main tool for easing." New yuan loans contracted by 50 billion yuan ($6.97 billion) in July, falling well short of analysts' forecasts and plunging from 2.24 trillion yuan in June, according to Reuters calculations based on data released by the People's Bank of China. That marked the first contraction since July 2005 and the largest monthly decline since December 1999, according to central bank data. Analysts polled by Reuters had expected new yuan loans last month to reach 300 billion yuan, compared with 260 billion yuan a year ago. Along with seasonal trends which buoyed June's tally, credit demand also had rebounded sharply that month as sentiment improved following rounds of trade talks in Europe and a tentative easing of trade tensions with the U.S. The central bank does not provide monthly breakdowns. Reuters calculated the July figures based on the PBOC's January-July data released on Wednesday, compared with the January-June figure. In the first seven months of the year, banks extended 12.87 trillion yuan in new loans, versus 12.92 trillion yuan in January-June, implying a net reduction of 50 billion yuan in July. Banks issued 13.53 trillion yuan in new loans in the same period last year. Household loans contracted 489.3 billion yuan in July, versus a rise of 597.6 billion yuan in June, according to Reuters calculations, as a prolonged property market crisis showed no signs of easing. Corporate loans plunged to 60 billion yuan from 1.77 trillion yuan in June. The PBOC release did not give any explanations for changes in credit trends. China's economy slowed less than expected in the second quarter due in part to policy support and as factories took advantage of a U.S.-China trade truce to front-load shipments. But analysts warn the second half will be tougher as weak domestic demand, the property slump and rising global trade risks ramp up pressure on Beijing. The United States and China agreed early this week to extended their tariff truce for another 90 days, staving off triple-digit duties on each other's goods, but business confidence remains fragile, with some factories cutting selling prices, shifts and workers' pay. On Tuesday, China announced it would offer interest rate subsidies for businesses in eight consumer service sectors, as well as for individual consumers. Eligible businesses and consumers can receive an annual interest subsidy of one percentage point on loans. Beijing has ramped up infrastructure spending and consumer subsidies, alongside steady monetary easing. In May, the central bank cut interest rates and injected liquidity as part of broader efforts to cushion the economy from Trump's tariffs. Wednesday's data also showed outstanding yuan loans rose 6.9% in July from a year earlier, slowing from 7.1% in June and hitting a record low. Analysts had expected 7.0% growth. Broad M2 money supply grew 8.8% from a year earlier, above analysts' forecast of 8.2%. M2 expanded 8.3% in June. The narrower M1 money supply rose 5.6% year-on-year, compared with 4.6% in June. Outstanding total social financing (TSF), a broad measure of credit and liquidity in the economy, rose 9.0%, up from a 8.9% pace in June and hitting the highest since Febuary 2024. ($1 = 7.1752 Chinese yuan renminbi)
