Charlie Javice, the founder of college financial aid startup Frank, is set to face 12 years in prison after being convicted of defrauding JPMorgan Chase in a $175 million deal, U.S. prosecutors said.
In court filings, prosecutors described Javice’s actions as “audacious and multifaceted,” highlighting sustained deception, obstruction, and other hallmarks of serious white-collar crime. They noted that Javice, 33, had only recently claimed “full responsibility” in a letter seeking leniency, failing to adequately confront her conduct, News.Az reports, citing Reuters.
Javice was found guilty in March on four counts: bank fraud, wire fraud, securities fraud, and conspiracy. Prosecutors are also seeking $29.7 million in forfeiture and $300.9 million in restitution, including JPMorgan’s legal costs. Her sentencing is scheduled for September 29.
Javice founded Frank in 2017 and became a rising star in finance, appearing on Forbes’ “30 Under 30” list in 2019. JPMorgan acquired Frank in 2021 but later discovered that the customer base Javice claimed—4.25 million—was grossly inflated; the real number was closer to 300,000. CEO Jamie Dimon called the acquisition a “huge mistake.”
Javice’s lawyers argued her actions were a “lapse of judgment” in an otherwise law-abiding life and downplayed the impact on JPMorgan, while prosecutors insisted that leniency would be “woefully inadequate.”
Co-defendant Olivier Amar, Frank’s former chief growth officer, was convicted on the same counts; his sentencing is set for October 20.
