Charlie Javice Found Guilty of Defrauding JPMorgan Chase of $175 Million

JPMorgan’s Jamie Dimon has called the acquisition of Javice’s college financial aid startup a ‘huge mistake.’

Charlie Javice leaves Federal Court in New York on Aug. 23, 2023. John Minchillo/AP Photo

Charlie Javice, the founder of student loan application startup Frank, was found guilty of defrauding JPMorgan Chase by vastly inflating the number of customers before selling the company to the bank for $175 million.

After a five-week trial, a federal jury in New York returned a guilty verdict on Friday, convicting Javice and her top executive, Olivier Amar, on all charges. Javice, who pleaded not guilty, did not testify during the trial.