"Javice was convicted in March of conspiracy, wire, and bank fraud for using bogus user-base data to claim Frank - a platform that streamlined the federal financial aid application process, along with offering career and financial advice - had stockpiled the contact information for 4 million users. In fact, Frank never had more than 300,000 users. Fighting back tears at Monday's sentencing hearing, Javice, who is 32, said she wishes she could tell her younger self to take a different path."
"The former fintech wunderkind - an alum of Forbes' 30 Under 30 list, she scored a one-on-one meeting with JPMC's powerful CEO, Jamie Dimon, during the 2021 sale negotiations - will also pay restitution and forfeiture. US District Judge Alvin Hellerstein said Javice's crimes "required a great deal of duplicity," but that she was "a good person who has done good deeds.""
Charlie Javice received a seven-year prison term for using exaggerated user data to induce JPMorgan Chase to purchase her student financial aid startup, Frank, for $175 million. The prison term will be followed by three years of supervised release, totaling ten years, and will include restitution and forfeiture. Javice was convicted of conspiracy, wire, and bank fraud after claiming Frank held contact information for four million users when the platform never exceeded 300,000 users. The sale negotiations included a meeting with JPMorgan CEO Jamie Dimon. U.S. District Judge Alvin Hellerstein noted the duplicity of the crimes and acknowledged Javice's prior good deeds; Javice expressed remorse and asked for forgiveness.
Read at Business Insider
Unable to calculate read time
Collection
[
|
...
]