Charlie Javice Convicted of Defrauding JPMorgan in $175 Million Sale of Financial Aid Startup

Charlie Javice, the founder of the financial aid startup Frank, was convicted in March 2025 by a Manhattan federal court after a five-week trial. She was found guilty of defrauding JPMorgan Chase during the $175 million acquisition by inflating the company’s customer base from around 300,000 to over 4 million using synthetic data. Her co-defendant, Olivier Amar, was also convicted, and both now face the possibility of lengthy prison sentences.

The prosecution detailed how Javice’s misrepresentations were designed to secure a lucrative sale of Frank, with comparisons drawn to high-profile cases involving tech fraud. Despite her lawyer’s claims of JPMorgan’s alleged buyer’s remorse, the verdict highlights significant lapses in due diligence and fraudulent practices dating back to the 2021 sale. Javice, who is currently out on bail, now awaits sentencing as the legal process continues into the summer of 2025.