The founders of a financial technology firm that arranged pandemic relief loans for thousands of small businesses nationwide — including more than 3,200 on Long Island — are each facing up to 20 years in prison for fraud, prosecutors said.

Blueacorn co-founder Nathan Reis pleaded guilty last week to conspiracy to commit wire fraud by submitting false applications for Paycheck Protection Program loans in 2020 and 2021 on behalf of his own businesses and thousands of others.

Blueacorn earned more than $1 billion from its illegal activity, according to a congressional investigation published in 2022.

Reis "had the opportunity to help small businesses overcome tremendous financial hardships during a time of national crisis but instead exploited the system to line his own pockets with taxp

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