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Charlie Javice has been convicted of defrauding JPMorgan during the $175 million sale of her startup, Frank. Her defense argued that JPMorgan was aware of the company's true customer numbers, which were in the hundreds of thousands, not millions, and that the bank's fraud claims stemmed from buyer's remorse after regulatory changes rendered the data less valuable. Testimony revealed that Javice allegedly paid a friend to create fake customer data to mislead the bank during the acquisition process.
Charlie Javice, founder of the student loan startup Frank, was convicted of defrauding JPMorgan Chase of $175 million by falsely inflating her customer base from 300,000 to over 4 million. The jury found that she orchestrated a scheme involving fake data to mislead the bank during its acquisition of her company. Facing a lengthy prison sentence, Javice's case highlights the risks associated with young tech executives who promise transformative solutions but may engage in fraudulent practices.
Charlie Javice, founder of the startup Frank, was convicted of defrauding JPMorgan Chase out of $175 million by falsely inflating her customer base from 300,000 to over 4 million. The jury's verdict followed a five-week trial, where evidence revealed she attempted to create fake data to support her claims. Javice now faces sentencing on July 23, with her defense arguing that JPMorgan was aware of the actual customer numbers at the time of acquisition.
Charlie Javice, founder of the financial aid startup Frank, was convicted of defrauding JPMorgan Chase out of $175 million by falsely inflating her customer base. A jury found that she exaggerated her clients from 300,000 to over 4 million, leading to the bank's acquisition in 2021. Alongside her, Olivier Amar, the company's chief growth officer, was also convicted for his role in the scheme. Sentencing is set for July 23.
Michael Eisenberg
People
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charlie javice found guilty of defrauding jpmorgan in startup sale
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charlie javice convicted of defrauding jpmorgan in financial aid startup scheme
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