Charlie Javice, an entrepreneur accused of duping JPMorgan Chase into buying her now-shut down college financial aid company called Frank, has been indicted on fraud charges.
into buying her now-shut down college financial aid company called Frank, has been indicted on fraud charges.
In doing so, she “lied directly” to the biggest bank in the United States and “fabricated data to support those lies — all in order to make over $45 million from the sale of her company," Williams said. Prosecutors said the founder repeatedly said the company had 4.25 million student customers, however it had less than 300,000 users.
Javice initially asked Frank’s director of engineering to generate the fake data, but the engineer was uncomfortable and said,Javice, according to the document, said it was legal.The financial institution learned of the alleged scam when it sent an email marketing campaign to the list Javice said were users, and it generated only a few responses, according to the SEC complaint.Javice was arrested in April in New Jersey.
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