{"id":2417488,"date":"2025-03-29T14:16:29","date_gmt":"2025-03-29T18:16:29","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/startup-founder-faces-30-years-after-defrauding-jpmorgan\/"},"modified":"2025-03-29T14:17:51","modified_gmt":"2025-03-29T18:17:51","slug":"startup-founder-faces-30-years-after-defrauding-jpmorgan","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/startup-founder-faces-30-years-after-defrauding-jpmorgan\/","title":{"rendered":"Startup Founder Faces 30 Years After Defrauding JPMorgan"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fstartup-founder-faces-30-years-after-defrauding-jpmorgan%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2417488&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Charlie Javice, a 32-year-old entrepreneur who founded the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-releases-list-of-president-trumps-accomplishments-and-it-is-historic\/\" title=\"White House Releases List of President Trump\u2019s Accomplishments \u2013  And It Is Historic!\">financial aid<\/a> startup Frank, has been convicted of wire fraud, bank fraud, and conspiracy. Found guilty on charges related to falsely inflating her company&#8217;s success, she is facing up to 30 years in prison.Originally celebrated as a Forbes &#8220;30 Under 30&#8221; honoree, Javice misled JPMorgan Chase into acquiring her company in 2021 by claiming it had 4.25 million users, a drastic overestimation compared to the actual 300,000 users.The fraud was uncovered when the bank realized the suppose customer list was fabricated.Alongside her <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/target-whose-stores-were-ravaged-in-blm-riots-will-spend-over-2-billion-with-black-owned-businesses\/\" title=\"Target, Whose Stores Were Ravaged In BLM Riots, Will Spend Over  Billion With Black-Owned Businesses\">chief growth officer<\/a>,Olivier Amar,who was also convicted,Javice will be sentenced on July 23. U.S. Attorney Matthew Podolsky emphasized the case as a notable victory against financial fraud,vowing to hold accountable those who compromise integrity for profit.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<section> \t\t\t\t<script>console.log(\"ad slot (AC1)\")<\/script><script>console.log(\"ad slot (IC1)\")<\/script><script>console.log(\"ad slot (IC2)\")<\/script><script>console.log(\"ad slot (IC3)\")<\/script><script>console.log(\"ad slot (IC4)\")<\/script><script>console.log(\"ad slot (REP_0)\")<\/script><\/p>\n<p>A Miami Beach woman convicted of &ldquo;falsely and dramatically&rdquo; inflating the success of her financial aid startup is facing some serious time behind bars.<\/p>\n<p>Charlie Javice, 32, was found guilty Friday on charges of wire fraud, bank fraud and conspiracy, according to a report that same day.<\/p>\n<p>A one-time honoree of the Forbes &ldquo;<a href=\"https:\/\/www.forbes.com\/30-under-30\/2019\/big-money\/#7ab1573a3a61\" target=\"_blank\" rel=\"noopener\">30 under 30<\/a>&rdquo; list, she&rsquo;s now looking at 30 years in prison.<\/p>\n<p>Javice was indicted in Manhattan in April 2023, <a href=\"https:\/\/www.nbcnews.com\/tech\/tech-news\/us-charges-financial-aid-startups-founder-defrauding-jpmorgan-rcna78131\" target=\"_blank\" rel=\"noopener\">NBC<\/a> reported at the time.<\/p>\n<p>She was accused of convincing executives at <a href=\"https:\/\/www.westernjournal.com\/jpmorgan-ceo-dem-donor-jamie-dimon-slams-biden-now-bidenomics\/\" target=\"_blank\" rel=\"noopener\">JPMorgan Chase<\/a>, by far <a href=\"https:\/\/www.forbes.com\/advisor\/banking\/largest-banks-in-the-us\/\" target=\"_blank\" rel=\"noopener\">the largest bank<\/a> in the U.S., to purchase her company in 2021 on the basis of false claims.<\/p>\n<p> <script type=\"text\/javascript\"> \t\t\tif ( getCookie( \"ff_subbed\" ) ) { \t\t\t\tdocument.getElementById(\"stnvideo\").remove() \t\t\t} else { \t\t\t\tdocument.addEventListener(\"DOMContentLoaded\", function() { \t\t\t\t\tfunction loadScript(src) { \t\t\t\t\t\tconst script=document.createElement(\"script\"); \t\t\t\t\t\tscript.src=src; \t\t\t\t\t\tscript.async=true; \t\t\t\t\t\tdocument.body.appendChild(script); \t\t\t\t\t} \t\t\t\t\tfunction findPreviousParagraph(selector, x) { \t\t\t\t\t\tconst targetElement=document.querySelector(selector); \t\t\t\t\t\tif (!targetElement) { \t\t\t\t\t\t\tconsole.warn(\"Target element not found.\"); \t\t\t\t\t\t\treturn null; \t\t\t\t\t\t}  \t\t\t\t\t\t\/\/ Get all <\/p>\n<p> elements in order as they appear in the document \t\t\t\t\t\tlet paragraphs=Array.from(document.querySelectorAll(\"p\"));  \t\t\t\t\t\t\/\/ Find the index of the last <\/p>\n<p> before the target element \t\t\t\t\t\tlet targetIndex=paragraphs.findIndex(p=> p.compareDocumentPosition(targetElement) & Node.DOCUMENT_POSITION_PRECEDING);  \t\t\t\t\t\tif (targetIndex===-1 || targetIndex <x) { \t\t\t\t\t\t\tconsole.warn(\"Not enough paragraphs before the target element.\"); \t\t\t\t\t\t\treturn null; \t\t\t\t\t\t}  \t\t\t\t\t\treturn paragraphs[targetIndex - x]; \t\t\t\t\t}  \t\t\t\t\t\/\/ Set up IntersectionObserver \t\t\t\t\tfunction observeElement(element) { \t\t\t\t\t\tif (!element) return;  \t\t\t\t\t\tconst observer=new IntersectionObserver( \t\t\t\t\t\t\t(entries)=> { \t\t\t\t\t\t\t\tentries.forEach(entry=> { \t\t\t\t\t\t\t\t\tif (entry.isIntersecting) { \t\t\t\t\t\t\t\t\t\tconsole.log(\"Paragraph is now visible:\", entry.target.textContent.trim()); \t\t\t\t\t\t\t\t\t\tloadScript(\"https:\/\/embed.sendtonews.com\/player3\/embedcode.js?fk=s28Az7AY\"); \t\t\t\t\t\t\t\t\t\tobserver.disconnect(); \t\t\t\t\t\t\t\t\t} \t\t\t\t\t\t\t\t}); \t\t\t\t\t\t\t}, \t\t\t\t\t\t\t{ threshold: 0.5 } \/\/ Adjust threshold as needed \t\t\t\t\t\t);  \t\t\t\t\t\tobserver.observe(element); \t\t\t\t\t}  \t\t\t\t\t\/\/ Find the 1st paragraph before #stnvideo and observe it \t\t\t\t\tlet paragraphToObserve=findPreviousParagraph(\"#stnvideo\", 2); \t\t\t\t\tobserveElement(paragraphToObserve); \t\t\t\t}); \t\t\t} \t\t<\/script> <\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Who is Charlie Javice? College financial aid startup founder convicted of defrauding JPMorgan Chase in a $175 million acquisition<a href=\"https:\/\/t.co\/RWhUL7BWm1\">https:\/\/t.co\/RWhUL7BWm1<\/a> <a href=\"https:\/\/t.co\/ztePGgKjoK\">pic.twitter.com\/ztePGgKjoK<\/a><\/p>\n<p>&mdash; The SpotFlix (@The_SpotFlix) <a href=\"https:\/\/twitter.com\/The_SpotFlix\/status\/1905966774148870576?\">March 29, 2025<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>At the time of the purchase, Javice told <a href=\"https:\/\/www.cnbc.com\/2021\/09\/21\/jpmorgan-chase-is-buying-college-financial-aid-platform-frank.html\" target=\"_blank\" rel=\"noopener\">CNBC<\/a> that JPMorgan was a &ldquo;fantastic place to be.&rdquo;<\/p>\n<p>Javise founded her company, Frank, in 2017, to serve as an &ldquo;an online portal with tools that help students apply for and negotiate financial aid, enroll in online courses and find scholarships,&rdquo; CNBC reported.<\/p>\n<p>A graduate of the University of Pennsylvania&rsquo;s Wharton School of Business, Javice said she founded Frank because she understood the frustrations of applying for financial aid, according to <a href=\"https:\/\/apnews.com\/article\/charlie-javice-convicted-fraud-jp-morgan-783cb7b089f6ab5d814c4c0984f0302b\" target=\"_blank\" rel=\"noopener\">The Associated Press<\/a>.<\/p>\n<p>She claimed the company had 4.25 million users, NBC reported Friday. Prosecutors said it actually had only 300,000.<\/p>\n<p>The bank &ldquo;discovered the con after receiving only a few responses when it sent marketing materials to people on a sham list of names that Javice claimed were real customers,&rdquo; NBC reported at the time of Javice&rsquo;s indictment.<\/p>\n<p>In an <a href=\"https:\/\/www.justice.gov\/usao-sdny\/pr\/former-start-ceo-charged-175-million-fraud\" target=\"_blank\" rel=\"noopener\">April 4, 2023, statement<\/a>, Damian Williams, then-U.S. attorney for the Southern District of New York, said Javice was charged with &ldquo;with falsely and dramatically inflating the number of customers of her company.&rdquo;<\/p>\n<p>&ldquo;Javice engaged in a brazen scheme to defraud JPMorgan Chase,&rdquo; he said.<\/p>\n<p>&ldquo;She lied directly to [the bank] and fabricated data to support those lies &mdash; all in order to make over $45 million from the sale of her company.&rdquo;<\/p>\n<p>Also convicted after a five-week trial was Olivier Amar, Frank&rsquo;s chief growth and acquisition officer, according to the AP. He also faces 30 years in prison, according to the AP.<\/p>\n<p>In a <a href=\"https:\/\/www.justice.gov\/usao-sdny\/pr\/statement-acting-us-attorney-matthew-podolsky-convictions-charlie-javice-and-oliver\" target=\"_blank\" rel=\"noopener\">statement Friday<\/a>, Matthew Podolsky, acting U.S. attorney for the Southern District of New York, trumpeted the convictions.<\/p>\n<p>&ldquo;Today, a unanimous jury found Charlie Javice and Olivier Amar guilty of orchestrating a brazen fraud,&rdquo; the statement said.<\/p>\n<p>&ldquo;And while Javice and Amar may have thought that they could lie and cheat their way to a huge payday, their lies caught up with them, and they now stand convicted by a jury of their peers in federal court.<\/p>\n<p>&ldquo;This Office will continue to <a href=\"https:\/\/amzn.to\/3YuVZYV\">pursue financial fraud aggressively<\/a> and hold accountable those who put greed above honesty. I commend the career prosecutors of this Office and our law enforcement partners who worked tirelessly to bring this case to trial and secure today&rsquo;s verdict. Thanks to their efforts, Javice and Amar will now pay a steep price for their lies.&rdquo;<\/p>\n<p>Sentencing for both is set for July 23, the AP reported.<\/p>\n<div style=\"position: relative;\">\n<div class=\"ff-fancy-header-container\"> \t\t\t \t<\/div>\n<div class=\"entry-submit-correction inner-content\">\n<div class=\"correction-form\">\n<form style=\"display: none;\">\n<div class=\"sc-name-field\"> \t\t\t\t\t\t<label>* Name<\/label> \t\t\t\t\t\t<br \/> \t\t\t\t\t\t<input type=\"text\" name=\"name\" required> \t\t\t\t\t<\/div>\n<div class=\"sc--field\"> \t\t\t\t\t\t<label>* <\/label> \t\t\t\t\t\t<br \/> \t\t\t\t\t\t<input type=\"text\" name=\"\" required> \t\t\t\t\t<\/div>\n<p> \t\t\t\t\t<label>* Message<\/label> \t\t\t\t\t<br \/> \t\t\t\t\t<textarea name=\"message\" required><\/textarea> \t\t\t\t\t \t\t\t\t\t<\/p>\n<div class=\"required-message\" style=\"display: none; padding-bottom: 15px;\">* All fields are required.<\/div>\n<p> \t\t\t\t\t<input type=\"submit\" value=\"Submit\" onclick=\"event.preventDefault(); firefly_sc();\"> \t\t\t\t\t \t\t\t\t\t<\/p>\n<div class=\"firefly-sc-confirm\" style=\"display: none;\">Success!<\/div>\n<\/p><\/form>\n<\/p><\/div>\n<\/p><\/div>\n<p> \t\t<script> \t\t\tfunction firefly_sc() { \t\t\t\tif( typeof window.captchaPublicKey==typeof undefined ){ \t\t\t\t\tconsole.error('window.captchaPublicKey is not defined'); \t\t\t\t} \t\t\t\tgrecaptcha.execute( window.captchaPublicKey, { action: 'submit_correction' } ).then( function( token ) { \t\t\t\t\tvar opts={ \t\t\t\t\t\taction:    'firefly_sc_submit', \t\t\t\t\t\tname:      document.querySelector( '.entry-submit-correction [name=\"name\"]' ).value, \t\t\t\t\t\t:     document.querySelector( '.entry-submit-correction [name=\"\"]' ).value, \t\t\t\t\t\tmessage:   document.querySelector( '.entry-submit-correction [name=\"message\"]' ).value, \t\t\t\t\t\tpost_id:   firefly_post_id, \t\t\t\t\t\tcap_token: token \t\t\t\t\t}  \t\t\t\t\tvar inputs=[ 'name', '', 'message' ];  \t\t\t\t\tfor( var i=0; i <inputs.length; i++ ) if( ! ( opts[inputs[i]]=document.querySelector( '.entry-submit-correction [name=\"' + inputs[i] + '\"]' ).value ) ) { \t\t\t\t\t\tdocument.querySelector( '.entry-submit-correction .required-message' ).style.display='block'; \t\t\t\t\t\treturn; \t\t\t\t\t}  \t\t\t\t\tdocument.querySelector( '.entry-submit-correction input[type=\"submit\"]' ).style.display='none'; \t\t\t\t\tdocument.querySelector( '.entry-submit-correction .firefly-sc-submitting-img' ).src=firefly_loading_gif_url; \t\t\t\t\tdocument.querySelector( '.entry-submit-correction .firefly-sc-submitting-img' ).style.display='inline-block';  \t\t\t\t\tconsole.log( 'ma subbing' );  \t\t\t\t\tif( firefly_post_id ) opts['post_id']=firefly_post_id;  \t\t\t\t\t\/* Send the data using post with element id name and name2*\/ \t\t\t\t\tvar posting=jQuery.post( firefly_ajax_url, opts );  \t\t\t\t\t\/* Alerts the results *\/ \t\t\t\t\tposting.done( function( response ) { \t\t\t\t\t\tif( response.success ) { \t\t\t\t\t\t\tconsole.log( response.data ); \t\t\t\t\t\t\tdocument.querySelector( '.entry-submit-correction .firefly-sc-submitting-img' ).style.display='none'; \t\t\t\t\t\t\tdocument.querySelector( '.entry-submit-correction .firefly-sc-confirm' ).style.display='block';  \t\t\t\t\t\t\tdataLayer.push( { 'event': 'submit-correction' } ); \t\t\t\t\t\t} \t\t\t\t\t}); \t\t\t\t}); \t\t\t} \t\t<\/script> \t     \t\t\t\t\t\t     \t\t\t\t\t<\/div>\n<p style=\"border: 1px solid #f5f5f5; padding: 16px;\">Advertise with The Western Journal and reach millions of highly engaged readers, while supporting our work. <a href=\"https:\/\/www.westernjournal.com\/advertise-us\/?wj_source=article\">Advertise Today<\/a>.<\/p>\n<p><script>console.log(\"ad slot (BA1)\")<\/script> \t\t<\/p>\n<div class=\"ff-fancy-header-container\"> \t\t\t \t<\/div>\n<\/section>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Miami Beach woman, Charlie Javice, 32, has been convicted of significantly exaggerating the success of her financial aid startup and now faces substantial prison time. Found guilty on charges including wire fraud and conspiracy, she could receive up to 30 years in prison. Once recognized in Forbes&#8217; &#8220;30 under 30,&#8221; Javice was indicted in April 2023 for misleading JPMorgan Chase into acquiring her company based on false information<\/p>\n","protected":false},"author":1,"featured_media":2417489,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2025\/03\/Picture-2025-03-29T111728.913.jpg","fifu_image_alt":"","footnotes":""},"categories":[33651],"tags":[4148,6909,12519,32779,16303],"class_list":["post-2417488","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-western-journal","tag-founder","tag-fraud","tag-jpmorgan","tag-legal-issues","tag-startup"],"fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2025\/03\/Picture-2025-03-29T111728.913.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2417488","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2417488"}],"version-history":[{"count":3,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2417488\/revisions"}],"predecessor-version":[{"id":2417492,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2417488\/revisions\/2417492"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2417489"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2417488"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2417488"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2417488"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}