Frank founder Charlie Javice hit with charges by SEC, feds
, Charlie Javice stands accused of using an elaborate scheme to inflate Frank's customer base, thus landing a multimillion deal with the biggest name on Wall Street.Javice faces three criminal fraud charges — including conspiracy to commit bank and wire fraud — and civil fraud charges for allegedly tricking JPM "into believing that Frank had access to valuable data on 4.25 million students who used Frank’s service," the SEC said in a statement.
The SEC's Division of Enforcement director, Gurbir S. Grewal, on Tuesday called it "an old school fraud," saying Javice "lied about Frank’s success in helping millions of students navigate the college financial aid process by making up data to support her claims, and then used that fake information to induce JPMC to enter into a $175 million transaction.
Chase discovered that the customer list was bogus when a marketing campaign targeting the borrowers "reached few of the intended recipients," the SEC said."Charlie denies the allegations," spokesperson Josh Ginsburg tells Axios in an email.
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Millennial app founder arrested, charged with defrauding JPMorgan Chase | CNN BusinessCharlie Javice, founder of the buzzy student financial assistance startup Frank, was arrested Monday night and charged by the US Securities and Exchange Commission for allegedly defrauding JPMorgan Chase in the $175 million acquisition of her company.
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Frank Founder Faces Criminal Fraud Charges Over JPMorgan DealThe Justice Department charged the founder of college financial-aid company Frank with fraud in connection with the company’s sale to JPMorgan alleging she inflated the company’s customer count to trick the bank into a deal
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SEC charges Frank founder Charlie Javice with fraud in connection with 4 million fake clientsThe 31-year-old founder of now-shuttered student loan software company Frank has been charged with fraud in connection with 4 million fake clients.
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Frank founder Charlie Javice allegedly scammed JPMorgan into $175M deal with fake data: fedsJavice was once honored on Forbes’ “30 under 30” list for finance.
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U.S. charges Frank financial aid startup's founder with defrauding JPMorganThe U.S. government on Tuesday filed criminal charges accusing Charlie Javice, the founder of the now-shuttered college financial planning company Frank, of defrauding JPMorgan Chase & Co into buying the startup for $175 million in 2021.
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US charges Frank financial aid startup's founder with defrauding JPMorganThe U.S. government on Tuesday filed criminal charges accusing Charlie Javice, the founder of the now-shuttered college financial aid company Frank, of defrauding JPMorgan Chase & Co into buying the startup for $175 million in 2021.
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