Authorities have arrested Charlie Javice, the 31-year-old founder of Frank, a student loan assistance startup. J.P. Morgan Chase acquired the company for $175 million two years ago, but alleges Javice dramatically inflated the number of customers it had.
NEW YORK — The founder of Frank, a student loan assistance startup company that J.P. Morgan Chase acquired for $175 million two years ago, has been arrested on charges that she duped the financial giant by dramatically inflating the number of customers her company had, authorities said Tuesday.
Authorities said Javice, who appeared on the Forbes 2019 “30 Under 30” list, would have earned $45 million from the fraud. “This arrest should warn entrepreneurs who lie to advance their businesses that their lies will catch up to them,” he said. When JPMC sought to verify that her company had 4.25 million customers, Javice asked her company's director of engineering to create an artificially generated data set, but the individual declined, it said.
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