The 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.
People exit the headquarters of the U.S. Securities and Exchange Commission in Washington, D.C., U.S., May 12, 2021. Picture taken May 12, 2021. REUTERS/Andrew Kelly/File Photo/File PhotoNEW YORK, April 4 - The 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 & CoJavice, 31, was charged by the Department of Justice with repeatedly lying to the largest U.S.
JPMorgan has said it learned of Javice's fraud after sending marketing materials to people who she claimed were real, and finding that just 28% were delivered and 1.1% were opened, far fewer than in other similar campaigns.Frank in January, and Chief Executive Jamie Dimon branded the acquisition a "huge mistake" in a Jan. 13 conference call with analysts.
She appeared briefly on Tuesday before U.S. Magistrate Judge Barbara Moses in Manhattan, who set bail at $2 million. The Securities and Exchange Commission filed related civil charges.
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