Charlie Javice found guilty of fraud in $175M JPMorgan deal

Charlie Javice, once named in Forbes’s “30 Under 30,” was found guilty of defrauding JPMorgan Chase when she sold her student finance startup Frank for $175 million in 2021.

A Manhattan jury delivered the verdict on Friday after six hours of deliberation. They determined Javice, 32, faked user data to make it appear her platform had over 4.25 million users when it actually had fewer than 300,000.  

She faces up to 30 years in prison, though her sentence is expected to be much shorter.

The trial also exposed JPMorgan’s due diligence missteps and adds to a growing list of fraud prosecutions targeting young, elite entrepreneurs, including Theranos’s Elizabeth Holmes and FTX’s Sam Bankman-Fried.