Former Frank CEO Charlie Javice Sentenced to Over 7 Years in Prison for JPMorgan Fraud

Charlie Javice, the founder of the student loan start-up Frank, has been sentenced to more than seven years in prison for orchestrating a massive fraud against JPMorgan Chase. The sentencing, which took place on Monday, follows her conviction in March on multiple counts of fraud and conspiracy.

Javice was found guilty of misleading JPMorgan during its 2021 acquisition of Frank for $175 million. Prosecutors proved she provided the bank with falsified customer lists, dramatically inflating the start-up’s user base. While Frank claimed to have 4 million users, the actual number hovered around a mere 300,000, a discrepancy that ultimately unraveled the deal and led to her legal troubles.

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