Frank founder Charlie Javice sentenced for JPMorgan fraud

Charlie Jayvis, an entrepreneur, condemned this year for deceiving Jpmorgan Chase, when the bank bought a startup of her student loan, was sentenced on Monday to more than seven years of prison.

In March, the jury found Ms. Jayvis guilty of fraud with banking and securities, as well as conspiracy to make fraud for providing lists of fake customers JPMorgan, when she acquired her startup for $ 175 (130 million pounds).

Ms. Jayvis was convicted of using falsified user data to make a list of customers for their student financial assistance called Frank, much more than it really was.

JPMorgan was lured that it seemed a database of 4 million users. In fact, this figure soared about 300,000 users.

Federal prosecutors requested a 12-year prison term. Lawyers MS Javice, who did not plead guilty, asked for only 18 months.

The US District Judge Elvin Helllestein also ordered Ms. Jayvis to lose more than $ 22 million and pay JPMorgan more than $ 287 million along with his subordinates Olivier Amar, the chief employee of the startup for growth and acquisition.

The 33-year-old Ms. Javis made a name in finances after the founding of Frank in 2017. The startup was praised for helping students to navigate in the financial assistance of the college, and Ms. Javis was named in the Forbes list of up to 30 years after the start of the company.

The success of the company attracted the attention of JPMorgan, which Frank bought in 2021. The bank sought to use a seemingly extensive user database for market banking products for market banking products for young people.

But only after the acquisition did the bank revealed fraud.

Jamie Diamon, the executive director of JPMorgan, was a formerly called the acquisition of Frank Bank a “huge mistake”.

In the letter of Judge Helllestein this month, Javis said: “I accept the jury sentence and take full responsibility for my actions.”

“There are no excuses, only regret,” she added.