Frank founder criminally charged with fraud over $175 million JPMorgan deal

Rasheed187 · Apr 10, 2023

I must say that sadly enough, lately women are catching up to men when it comes to major fraud in the corporate world.

The Justice Department on Tuesday criminally charged Charlie Javice, founder of college financial planning platform Frank, with defrauding JPMorgan Chase out of $175 million. Javice, 31, is accused of “falsely and dramatically” inflating the number of customers Frank actually had in a scheme to “fraudulently induce” the bank to acquire the startup in 2021, federal prosecutors in Manhattan said. She stood to gain more than $45 million from the alleged deception, they added.
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https://www.cnbc.com/2023/04/04/frank-founder-charged-with-fraud-over-175-million-jpmorgan-deal.html

Rasheed187 · Mar 30, 2025

A good reminder that greed isn't always good. She's the second woman after Elizabeth Holmes (of Theranos) to receive a hefty jail sentence for business fraud in recent years, see second link.

Javice found guilty of defrauding JPMorgan in $175M startup purchase

Charlie Javice, the founder of student loan application startup Frank that was purchased by JPMorgan for $175 million, was found guilty on Friday of defrauding the bank by greatly inflating the customer count.

After a five-week trial, the jury found Javice guilty, agreeing with prosecutors’ claims that she fabricated the vast majority of Frank’s customer list to deceive JPMorgan into acquiring her startup.
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https://techcrunch.com/2025/03/28/j...defrauding-jpmorgan-in-175m-startup-purchase/
https://www.investopedia.com/articles/investing/020116/theranos-fallen-unicorn.asp

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Frank founder criminally charged with fraud over $175 million JPMorgan deal

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Frank founder criminally charged with fraud over $175 million JPMorgan deal

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