{"id":2494328,"date":"2025-10-03T14:48:00","date_gmt":"2025-10-03T18:48:00","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/175-million-student-financial-aid-scammer-receives-prison-sentence-for-defrauding-top-investment-bank\/"},"modified":"2025-10-03T14:49:40","modified_gmt":"2025-10-03T18:49:40","slug":"175-million-student-financial-aid-scammer-receives-prison-sentence-for-defrauding-top-investment-bank","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/175-million-student-financial-aid-scammer-receives-prison-sentence-for-defrauding-top-investment-bank\/","title":{"rendered":"$175 Million Student Financial Aid Scammer Receives Prison Sentence for Defrauding Top Investment Bank"},"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\">28<\/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%2F175-million-student-financial-aid-scammer-receives-prison-sentence-for-defrauding-top-investment-bank%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=2494328&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, who sold her fraudulent startup Frank to JPMorgan Chase for $175 million, has been sentenced to seven years in prison.Frank was marketed as a <a href=\"https:\/\/amzn.to\/3YuVZYV\" >digital platform assisting <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/former-fbi-special-agent-finds-17514-georgia-voters-with-out-of-state-forwarded-mail-addresses\/\" title=\"Former FBI Special Agent Finds 17,514 Georgia Voters with Out-of-State Forwarded Mail Addresses\">college students<\/a><\/a> with financial aid, claiming to have helped over five million users. Though, JPMorgan later discovered that only 300,000 of these were real customers. Javice and 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, were convicted of fraud and conspiracy after fabricating customer data with the help of a data scientist. They have been ordered to pay $287 million in restitution, covering the purchase price and JPMorgan&#8217;s legal costs. Javice also faces a forfeiture of over $22 million and three years of supervision following her prison term.During sentencing, Javice expressed remorse, while the judge acknowledged her <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/man-who-attacked-police-officers-on-jan-6-sentenced-to-5-years-in-prison\/\" title=\"Jan. 6 Attacker of Police Officers Gets 5-Year ...\">past good deeds<\/a> but emphasized the need for deterrence. Prosecutors had initially sought a 12-year sentence and $300 million in restitution.  <\/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><\/p>\n<p>After her conviction earlier this year, Charlie Javice, who sold her fraudulent startup to JPMorgan Chase for $175 million, learned on Monday that she will receive seven years in prison.<\/p>\n<p>Javice, 33, started a digital platform called Frank, a solution that claimed to help college students with financial aid, according to a report from <a href=\"https:\/\/www.cnbc.com\/2025\/09\/29\/jpmorgan-chase-frank-charlie-javice-sentencing.html\" target=\"_blank\" rel=\"noopener\">CNBC<\/a>.<\/p>\n<p>JPMorgan Chase acquired the firm, publicly asserting that Frank had helped over five million students seek financial aid.<\/p>\n<p>But a few months later, the powerful Wall Street investment bank realized that Frank only had 300,000 true customers.<\/p>\n<p>Javice fabricated the rest of them with the help of a data scientist, leading to her arrest in 2023.<\/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<p>She and her chief growth officer, Olivier Amar, were found guilty on three counts of fraud and one count of conspiracy to commit fraud in March of this year by a 12-person jury, per CNBC.<\/p>\n<p>Javice and Amar must make a combined $287 million in restitution to JPMorgan Chase.<\/p>\n<p>That includes the original price at which Frank was sold, plus over $100 million that JPMorgan Chase had to pay in legal fees, according to a report from <a href=\"https:\/\/www.businessinsider.com\/charlie-javice-sentence-length-fine-amount-defrauding-jpmorgan-chase-2025-9\" target=\"_blank\" rel=\"noopener\">Business Insider<\/a>.<\/p>\n<p>Javice must also fork over $22.36 million in forfeiture and submit to three years of supervision in addition to her time in prison, CNBC reported.<\/p>\n<p>&ldquo;I will spend my entire life regretting these errors,&rdquo; Javice said in a tear-filled statement to the court.<\/p>\n<p>&ldquo;I&rsquo;m asking with all of my heart for forgiveness,&rdquo; she said. &ldquo;I ask your honor to temper justice with mercy.&rdquo;<\/p>\n<p>U.S. District Judge Alvin Hellerstein reacted to Javice&rsquo;s court statement by claiming she was &ldquo;a good person who has done good deeds,&rdquo; according to Business Insider.<\/p>\n<p>&ldquo;I don&rsquo;t think you will be committing any crimes, and I think you will be devoting your life to service,&rdquo; Hellerstein told Javice.<\/p>\n<p>&ldquo;But others need to be deterred.&rdquo;<\/p>\n<p>Prosecutors had initially sought 12 years of prison time for Javice and $300 million in restitution.<\/p>\n<p>They said that Javice had pocketed $29 million from the $175 million payout from JPMorgan Chase, but her defense attorneys said the number was about $21 million.<\/p>\n<p>&ldquo;Based on the defendant&rsquo;s lies, JPMC projected it could generate more than $500 million in revenue from selling banking products to Frank&rsquo;s customers,&rdquo; prosecutors contended, per Business Insider.<\/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>After being convicted earlier this year, Charlie Javice, who sold her deceptive startup to JPMorgan Chase for $175 million, was sentenced on Monday to seven years in prison. At 33, Javice founded Frank, a digital platform that purported to assist college students with financial aid, according to CNBC<\/p>\n","protected":false},"author":1,"featured_media":2494329,"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\/10\/Charlie-Javice.jpg","fifu_image_alt":"","footnotes":""},"categories":[33651],"tags":[64555,64557,64556],"class_list":["post-2494328","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-western-journal","tag-financial-aid-fraud","tag-investment-bank-fraud","tag-student-loan-scam"],"fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2025\/10\/Charlie-Javice.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2494328","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=2494328"}],"version-history":[{"count":3,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2494328\/revisions"}],"predecessor-version":[{"id":2494332,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2494328\/revisions\/2494332"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2494329"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2494328"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2494328"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2494328"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}