Charlie Javice Charged in JPMorgan Fraud Case

Charlie Javice Accused of Fraud in $175 Million Deal with JPMorgan Chase

New York, March 29, 2025 – Federal prosecutors have charged Charlie Javice, the founder of now-defunct student aid startup Frank, with defrauding JPMorgan Chase in a $175 million acquisition deal. The high-profile case has drawn attention to allegations of deceptive practices in the fintech industry.

Background: The Frank Acquisition

JPMorgan Chase acquired Frank in 2021, believing it to be a fast-growing platform helping students navigate financial aid. The bank, led by CEO Jamie Dimon, saw the startup as a way to expand its digital banking services for younger customers. However, shortly after the deal closed, JPMorgan alleged that Javice had vastly exaggerated Frank’s user base, claiming 4.25 million users when, in reality, the number was far lower.

The Allegations

According to court filings, Javice and Frank’s chief growth officer, Olivier Amar, allegedly fabricated customer data to mislead JPMorgan. Prosecutors claim Javice engaged in a 'multi-year scheme' to inflate Frank’s value, even hiring a data scientist to generate fake user accounts.

JPMorgan, which shut down Frank in 2023, has sued Javice for fraud, seeking damages and the return of her $21 million payout from the acquisition. The U.S. Department of Justice has also brought criminal charges, including securities fraud, wire fraud, and conspiracy.

Javice’s Defense

Javice, a once-rising star in fintech, has denied the allegations, arguing that JPMorgan conducted due diligence before the acquisition. Her legal team claims the bank is using her as a scapegoat for its own failed business strategy.

Broader Implications

The case highlights the risks of high-stakes startup acquisitions, where rapid growth claims can sometimes mask underlying issues. Legal experts say the outcome could influence how banks and investors scrutinize fintech deals in the future.

Javice, who faces up to 30 years in prison if convicted, is scheduled to appear in court next month. Meanwhile, JPMorgan has not commented on ongoing litigation but has emphasized its commitment to compliance and transparency.

—Reporting by [Your Name], Financial Crime Correspondent

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