Frank Founder Charlie Javice Sentenced to Over 7 Years for JPMorgan Fraud
By
EvgeniyZh
Sketches a bagel but doesn't bake it through.
Summary
Charlie Javice, founder of student loan startup Frank, was sentenced to more than seven years in prison for defrauding JPMorgan Chase during the bank's $175 million acquisition of her company. She was convicted of bank, wire, and securities fraud for providing fake customer lists that made Frank appear to have a much larger user base than it actually did.
Key quotes
· 3 pulledCharlie Javice, the entrepreneur convicted this year for defrauding JPMorgan Chase when the bank bought her student loan start-up, was sentenced on Monday to more than seven years in prison.
Ms Javice was convicted for using falsified user-base data to make the customer list for her student financial aid company, called Frank, appear far larger than it actually was.
JPMorgan was lured in by what appeared to be a much larger customer base than Frank actually had.
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