Charlie Javice convicted of defrauding JPMorgan during $175 million sale of financial aid startup
Source: Associated Press
Charlie Javice convicted of defrauding JPMorgan during $175 million sale of financial aid startup
By MICHAEL R. SISAK and LARRY NEUMEISTER
Updated 3:18 PM EDT, March 28, 2025
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 on Friday of defrauding one of the largest U.S. banks, JPMorgan Chase, out of $175 million by exaggerating her customer base by 10 times.
A jury in New York City returned its verdict after a five-week trial. Javice, 32, faces the possibility of a lengthy prison term. Javice appeared sullen at the defense table as the verdict was read. A lawyer placed her hand on Javice’s back.
Javice was in her mid-20s when she founded Frank, a company with software that promised to simplify the process of filling out the Free Application for Federal Student Aid, a complex government form used by students to apply for aid for college or graduate school.
The company promoted itself as a way for financially needy students to obtain more aid faster, in return for a few hundred dollars in fees. Javice appeared regularly on cable news programs to boost Frank’s profile, once appearing on Forbes’ “30 Under 30” list before JPMorgan bought the startup in 2021.
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Read more: https://apnews.com/article/charlie-javice-convicted-fraud-jp-morgan-783cb7b089f6ab5d814c4c0984f0302b
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another entry in the Forbes to prison pipeline