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Startup founder Charlie Javice was found guilty of defrauding JPMorgan Chase by creating fake customer data to sell her financial aid company, Frank, for $175 million. The jury deliberated for about four hours after a six-week trial, where prosecutors argued that Javice and co-defendant Olivier Amar misled the bank about Frank's customer base, claiming it had four million users when it only had around 300,000. Javice faces serious charges, including wire and bank fraud, which could result in decades of imprisonment.
Charlie Javice, founder of the student-finance startup Frank, is accused of committing "brazen fraud" by inflating user numbers to sell her company to JPMorgan Chase for $175 million. Prosecutors allege she misled the bank about having over 4 million users, while the actual figure was closer to 300,000. Javice allegedly hired a data scientist to create fake customer data after her engineering team refused to participate in illegal activities.
Nicholas Chiuchiolo
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startup founder charlie javice found guilty of defrauding jpmorgan chase
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JPMorgan Chase & Co.
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Nicholas Chiuchiolo
Marc Rowan
Olivier Amar
Jamie Dimon
Jose Baez
Charlie Javice
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20:15 28.03.2025
jpmorgan accuses charlie javice of fraud in startup sale for 175 million
04:17 27.03.2025
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