US EditionIn closing remarks, prosecutor says Frank founder lied to JPMorgan Chase to secure $175 million deal
- Charlie Javice is accused by prosecutors of committing fraud to sell her startup, Frank, to JPMorgan Chase for $175 million, exaggerating its customer base from about 400,000 to over 4 million clients.
- Assistant US Attorney Nicholas Chiuchiolo stated that Javice and a former executive used synthetic data to mislead JPMorgan about Frank's user numbers.
- Prosecutors allege that Javice hired a data scientist to create fake customer data for the sale, aiming to secure a profit of over $45 million.
- If convicted, Javice and her co-defendant could face up to 30 years in prison for conspiracy and fraud charges.
20 Articles
20 Articles
‘Brazen Fraud’: Federal Prosecutors Excoriate Fallen Star Entrepreneur Charlie Javice, Now on Trial for Faking Customers, Tricking Chase Bank
Ms. Javice, once a business celebrity featured in Forbes’ ’30 Under 30,’ could now face 30 years in prison if convicted.
JPMorgan Was Victim of ‘Brazen Fraud,’ US Says in Charlie Javice Closing Arguments
Charlie Javice committed “brazen fraud” when she sold her student-finance company Frank to JPMorgan Chase & Co. based on inflated user numbers, a federal prosecutor said during closing arguments at the startup founder’s trial.
Student aid startup founder Charlie Javice lied to JPMorgan to secure $175M deal: prosecutor
A Florida woman deployed a “brazen fraud” to sell her student aid startup to JPMorgan Chase for $175 million after dramatically exaggerating its customer base, a prosecutor told jurors Wednesday in a criminal trial’s closing argument.
Associated Press News
In closing remarks, prosecutor says Frank founder lied to JPMorgan Chase to secure $175 million deal
A prosecutor says a Florida woman engaged in a “brazen fraud” by selling her student aid startup to JPMorgan Chase & Co. for $175 million after dramatically exaggerating its customer base.
Charlie Javice trial closings are Wednesday in $175M JPMorgan fraud case. One word will play a starring role.
Charlie Javice.Charlie JaviceClosing arguments in the Charlie Javice fraud trial are scheduled for all day Wednesday in New York.Prosecutors allege that Javice tricked JPMorgan Chase into buying her financial aid website, Frank, for $175M.The US says she falsely claimed to have marketing data for more than 4 million Frank account holders.Daylong closing arguments are scheduled to begin at 9 a.m. Wednesday in the Charlie Javice fraud trial in New…
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