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Charlie Javice, founder of the student-finance startup Frank, was convicted of defrauding JPMorgan Chase out of $175 million by falsely inflating her company's user base from 4.25 million to fewer than 300,000. The deception involved creating fake user profiles, leading to charges of conspiracy, wire fraud, securities fraud, and bank fraud. Javice and her co-defendant face severe legal consequences, with the bank fraud charge carrying a maximum sentence of 30 years in prison.
Charlie Javice, founder of the student-finance startup Frank, was convicted of defrauding JPMorgan Chase after falsely claiming her platform had over 4.25 million users, when it had fewer than 300,000. During the trial, it was revealed that she solicited a data scientist to create fake user data, leading to a criminal investigation when JPMorgan's outreach yielded only 10 new customers. Javice faces up to 30 years in prison for bank fraud, alongside her co-defendant Olivier Amar.
Adam Kapelner
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charlie javice convicted of defrauding jpmorgan chase of 175 million dollars
11:30 01.04.2025
charlie javice convicted of fraud after misleading jpmorgan chase on user data
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JPMorgan Chase & Co.
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Sam Bankman-Fried
Olivier Amar
Charlie Javice
Leslie Wims Morris
Adam Kapelner
Winifred Katherine Gordy
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16:57 31.03.2025
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