{"id":48025,"date":"2025-09-29T15:02:00","date_gmt":"2025-09-29T20:02:00","guid":{"rendered":"https:\/\/ustower.net\/?p=48025"},"modified":"2025-09-30T03:04:21","modified_gmt":"2025-09-30T08:04:21","slug":"entrepreneur-charlie-javice-sentenced-to-over-seven-years-for-defrauding-jpmorgan","status":"publish","type":"post","link":"https:\/\/ustower.net\/?p=48025","title":{"rendered":"Entrepreneur Charlie Javice sentenced to over seven years for defrauding JPMorgan"},"content":{"rendered":"\n<p class=\"has-medium-font-size\">Javice was convicted for defrauding JPMorgan Chase into buying her college financial aid startup Frank for $175m<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Charlie Javice, the entrepreneur convicted for defrauding&nbsp;<a href=\"https:\/\/www.theguardian.com\/business\/jpmorgan\">JPMorgan<\/a>&nbsp;Chase into buying her college financial aid startup Frank for $175m, was sentenced on Monday to just over seven years in prison.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Alvin Hellerstein, the US district judge, handed down the sentence at a hearing in Manhattan federal court.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Javice, 33, was convicted in March on all four counts she faced: bank fraud, securities fraud, wire fraud and conspiracy. She had pleaded not guilty and is expected to appeal her conviction. Prosecutors with the Manhattan US attorney\u2019s office had sought a 12-year prison sentence.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Javice founded Frank in 2017, and won praise for simplifying college financial aid for students and parents. She became a rising star in finance, and appeared on Forbes magazine\u2019s \u201c30 Under 30\u201d list in 2019.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">JPMorgan bought Frank in September 2021, but found itself unable to email much of Javice\u2019s claimed customer base, and concluded she faked her customer list.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Prosecutors said Javice claimed she had 4.25 million customers, but the real number was closer to 300,000. JPMorgan CEO Jamie Dimon called buying Frank a \u201chuge mistake\u201d.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Lawyers for Javice sought a prison term significantly shorter than 12 years, calling her \u201clapse of judgment\u201d an aberration and the harm to JPMorgan inconsequential.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Javice added prominent appellate lawyer Alexandra Shapiro to her legal team this month. Shapiro\u2019s other clients include hip-hop mogul Sean \u201cDiddy\u201d Combs, who is expected to appeal his conviction on prostitution-related charges, and cryptocurrency executive Sam Bankman-Fried, who is appealing his fraud conviction and 25-year prison sentence.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Javice\u2019s co-defendant Olivier Amar, who was Frank\u2019s chief growth officer, was convicted on the same counts as her. His sentencing is scheduled for 20 October.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><a href=\"https:\/\/www.theguardian.com\/us-news\/2025\/sep\/29\/charlie-javice-sentence-jpmorgan\">theguardian<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Javice was convicted for defrauding JPMorgan Chase into buying her college financial aid startup Frank for $175m Charlie Javice, the entrepreneur convicted for defrauding&nbsp;JPMorgan&nbsp;Chase into buying her college financial aid startup Frank for $175m, was sentenced on Monday to just over seven years in prison. Alvin Hellerstein, the US district judge, handed down the sentence [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":48026,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1155],"tags":[22974,34796,5759],"class_list":["post-48025","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-defrauding","tag-javice","tag-jpmorgan"],"_links":{"self":[{"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/posts\/48025","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=48025"}],"version-history":[{"count":2,"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/posts\/48025\/revisions"}],"predecessor-version":[{"id":48028,"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/posts\/48025\/revisions\/48028"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/media\/48026"}],"wp:attachment":[{"href":"https:\/\/ustower.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48025"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48025"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48025"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}