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Charlie Javice, founder of the fintech start-up Frank, has been convicted of defrauding JPMorgan Chase of $175 million. A Manhattan federal court jury reached the verdict after a five-week trial. Along with co-defendant Olivier Amar, she faces decades in prison for conspiracy, bank fraud, and wire fraud, with sentencing scheduled for July 23.
Charlie Javice, founder of the startup Frank, was convicted of defrauding JPMorgan Chase out of $175 million by inflating user numbers from 4 million to just 300,000. A jury found her and co-defendant Olivier Amar guilty of conspiracy, bank fraud, and wire fraud, each facing up to 30 years in prison. Javice, who remains free on bail, is set for sentencing on July 23, while her defense argues the evidence was insufficient and disputes over ankle monitors continue.
Charlie Javice, the millennial CEO of fintech start-up Frank, was found guilty of defrauding JPMorgan Chase of $175 million by inflating her company's customer base. Prosecutors revealed she falsely claimed 4.25 million users, while only 300,000 were verifiable. Facing a lengthy prison sentence, Javice and her co-conspirator Olivier Amar were indicted on multiple fraud charges, with her attorney arguing the prosecution's case was flawed.
Charlie Javice was convicted of defrauding JPMorgan Chase in the $175 million acquisition of her college financial aid startup, Frank. Along with co-defendant Olivier Amar, she faced charges of securities, wire, and bank fraud, with sentencing set for later this year. Prosecutors revealed that Javice misrepresented Frank's customer base, claiming 4.25 million users instead of the actual 300,000, leading to JPMorgan's lawsuit and subsequent criminal charges.
Charlie Javice, founder of fintech startup Frank, was convicted of defrauding JPMorgan Chase out of $175 million by inflating her company's user base from 4.25 million to approximately 300,000. A Manhattan jury found her guilty of multiple counts, including bank fraud, after a six-week trial. Javice faces up to 30 years in prison, though experts suggest a shorter sentence is likely.
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 college financial aid startup Frank, was found guilty of defrauding JPMorgan Chase in a $175 million case. The bank accused her of falsely claiming Frank had 4.25 million customers, while the actual number was around 300,000. Javice, along with co-defendant Olivier Amar, was convicted of fraud and conspiracy after presenting fake customer data to the bank.
Charlie Javice was convicted of defrauding JPMorgan Chase in the $175 million acquisition of her college financial aid startup, Frank. Along with co-defendant Olivier Amar, she faced charges of securities fraud, wire fraud, bank fraud, and conspiracy, with sentencing set for later this year. Prosecutors revealed that Javice misrepresented Frank's customer base, claiming 4.25 million users instead of the actual 300,000, leading to JPMorgan's lawsuit and subsequent criminal charges.
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.
Charlie Javice, founder of the college financial aid startup Frank, was found guilty of defrauding JPMorgan Chase into acquiring her company for $175 million by falsely claiming it had 4.25 million customers instead of the actual 300,000. The verdict followed a five-week trial in Manhattan, where prosecutors highlighted that Javice and her co-defendant, Olivier Amar, misled the bank using fake customer data. JPMorgan, which later described the acquisition as a "huge mistake," sued Javice for fraud after discovering the inflated customer numbers.
Olivier Amar
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founder of fintech start-up convicted of defrauding jpmorgan of 175 million
06:37 29.03.2025
startup founder convicted of defrauding jpmorgan chase in 175 million scam
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charlie javice convicted of defrauding jpmorgan in financial aid startup scheme
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