{"id":191816,"date":"2025-09-30T08:08:09","date_gmt":"2025-09-30T08:08:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/us\/191816\/"},"modified":"2025-09-30T08:08:09","modified_gmt":"2025-09-30T08:08:09","slug":"frank-founder-charlie-javice-sentenced-to-7-years-in-prison-for-defrauding-jpmorgan-chase","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us\/191816\/","title":{"rendered":"Frank founder Charlie Javice sentenced to 7 years in prison for defrauding JPMorgan Chase"},"content":{"rendered":"<p id=\"speakable-summary\" class=\"wp-block-paragraph\">Charlie Javice, founder of the financial aid startup <a href=\"https:\/\/techcrunch.com\/2025\/03\/28\/javice-found-guilty-of-defrauding-jpmorgan-in-175m-startup-purchase\/\" rel=\"nofollow noopener\" target=\"_blank\">Frank<\/a> and <a href=\"https:\/\/www.forbes.com\/30-under-30\/2019\/big-money\/#6b6c1bab3a61\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Forbes 30 under 30 alumnus<\/a>, has been sentenced to seven years in prison for fraud.<\/p>\n<p class=\"wp-block-paragraph\">The fintech startup had been acquired by JPMorgan Chase in 2021 for $175 million. The bank later accused Javice of lying about its customer base; the founder claimed the company had 4 million customers, when it actually had 300,000. Evidently, JPMorgan Chase did not do its due diligence before agreeing to buy Frank.<\/p>\n<p class=\"wp-block-paragraph\">During the trial, former Frank engineer Patrick Vovor testified that Javice had asked him to create fake user data prior to the sale; when he declined, Javice asked math professor and data scientist Adam Kapelner for help <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-03-12\/wharton-pal-says-he-created-fake-data-for-javice-s-jpmorgan-deal\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">creating synthetic data<\/a>. Kapelner provided key testimony for the prosecution.<\/p>\n<p class=\"wp-block-paragraph\">Along with her co-defendant, Frank\u2019s chief growth officer Olivier Amar, Javice will be responsible for paying $278.5 million in restitution. <\/p>\n","protected":false},"excerpt":{"rendered":"Charlie Javice, founder of the financial aid startup Frank and Forbes 30 under 30 alumnus, has been sentenced&hellip;\n","protected":false},"author":2,"featured_media":191817,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[28,111707,14287,15879,8624],"class_list":["post-191816","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-charlie-javice","tag-frank","tag-in-brief","tag-jpmorgan-chase"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/191816","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=191816"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/191816\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/191817"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=191816"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=191816"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=191816"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}