Fintech Startup Founder Charlie Javice Found Guilty Of Defrauding JPMorgan
Entrepreneur Charlie Javice was found guilty Friday of defrauding JPMorgan Chase after it bought her financial aid startup Frank for $175 million in 2021 based on fraudulent customer numbers.
Javice was found guilty Friday afternoon. (AP Photo/John Minchillo)
Javice, 32, was convicted of defrauding JPMorgan after prosecutors accused her of artificially inflating her startup's customer list by 10 times, according to multiple outlets.
The Forbes Under 30 alum still faces a civil trial from JPMorgan as well. The startup founder, who pleaded not guilty to her charges and denied the fraud allegations against her, faces a maximum of 30 years in prison, NBC News reported.
JPMorgan's lawsuit against Javice, one separate from the federal trial concluded Friday, remains on standby, according to The New York Times, which noted the bank is seeking to get Javice's share of the $175 million it paid to acquire Frank, her startup designed to make filing for student financial aid easier and more efficient.
This is a developing story. Check back for updates.
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