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Charlie Javice convicted of defrauding JPMorgan in $175M startup sale
Charlie Javice, founder of Frank, a financial aid startup, has been convicted of defrauding JPMorgan Chase out of $175 million.
NEW YORK (AP) — Charlie Javice, the charismatic founder of a startup company that claimed to be revolutionizing the way college students apply for financial aid, was convicted Friday of defrauding one of the world’s largest banks, JPMorgan Chase, out of $175 million by exaggerating her customer base tenfold. Judge Alvin K. Hellerstein said he would hear arguments on that next week and resolve a dispute over whether Javice and Amar must wear ankle monitors while awaiting sentencing on July 23. Frank’s chief software engineer, Patrick Vovor, testified that Javice had asked him to generate synthetic data to support her claim that the company had more than 4 million users.
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