A former Arizona newscaster and her husband are facing the possibility life in prison, if convicted of involvement in a scandal aimed at fraudulently obtaining government COVID funds.

Stephanie Hockridge-Reis, 41, and her husband, Nathan Reis, 45, were charged with one count of conspiracy to commit wire fraud and four counts of wire fraud, the Department of Justice announced Friday.

If convicted, the pair could face up to 20 years in prison for each count. 

The married couple allegedly submitted false and fraudulent Paycheck Protection Program loan applications on behalf of themselves and their business, Blueacorn.

Hockridge-Reis and Reis, co-founded the company, in April 2020, after Hockridge-Reis left her post at ABC affiliate, Channel 15 KNXV-TV - a job she held for seven years.

The couple's company was founded with aim to assist small businesses and individuals in obtaining PPP loans.

The indictment, unsealed on Friday, alleged the pair fabricated documents that they submitted in their loan applications in order to receive loan funds for which they were not eligible, according to court documents.

Additional investigations into the couple revealed they had reportedly charged their clients with illegal fees for their services based on a percentage of the funds received, the DOJ said. 

Hockridge-Reis and Reis have also been accused of attempting to directly charge some applicants a 10 percent fee for successfully getting a loan, a violation of the Small Business Administration rules.

A review of the loans showed what the couple were willing to do for the money - including Reis claiming in an application he was African American and a veteran.

Other evidence revealed Hockridge-Reis describe the PPP as '$100 billion dollars of free money.'

Yet, although the PPP loans were set up for small businesses, Hockridge-Reis allegedly told her staff 'Who the f*** cares. We're not the first bank to decline borrowers who deserve to be funded... They can go elsewhere.'

The US Small Business Administration guaranteed aid to keep businesses afloat during the COVID-19 pandemic through the Paycheck Protection Program under the Coronavirus Aid, Relief and Economic Security Act. 

The DOJ also alleges that couple recruited people to work as referral agents who reportedly coached borrowers on how to submit false PPP loan applications.

As part of the alleged scheme, the duo collected and reviewed the applications from potential borrowers on behalf of the lenders. 

The pair then worked with the lenders to submit applications to the US Small Business Administration in exchange for a percentage of the fees paid to the lenders, the DOJ said. 

Hockridge-Reis was summoned to appear in a Dallas, Texas court on November 25. 

A lawyer for the couple could not be contacted for comment.