Prosecutor Concludes: Founder of Frank Accused of Deception in Securing $175 Million Deal with JPMorgan Chase
/Article


In the closing arguments of a criminal trial, a prosecutor accused a Florida woman of committing a bold fraud by inflating the customer base of her student aid startup to sell it to JPMorgan Chase & Co. for $175 million. The prosecutor urged jurors to find Charlie Javice and another former executive guilty of conspiracy and fraud charges. Javice's defense attorney, on the other hand, argued for her acquittal, claiming that the evidence presented was flawed. Prosecutors alleged that Javice, who was listed in Forbes' "30 Under 30" list in 2019, could have made $45 million from the fraudulent sale. The trial revealed that Javice's company, originally named TAPD Inc. and later rebranded as Frank, was aimed at simplifying the financial aid application process for students. Prosecutors stated that Javice misrepresented the company's customer base to JPMorgan Chase during the sale negotiations. Instead of providing authentic data, she attempted to fabricate information, including hiring an external data scientist to create a false dataset. Despite the evidence presented, Javice chose not to testify during the trial, and the jury was set to begin deliberations the next day.

Leave a Reply