An entrepreneur accused of grossly exaggerating the value of her college financial planning startup, ahead of its sale to JPMorgan Chase, has pleaded not guilty to federal fraud charges, U.S. Attorney’s Office spokesperson tells ABC News.
May 22, 2023, 9:51 PMCharlie Javice, of Miami Beach, Fla., leaves Manhattan federal court, April 4, 2023, in New York, after signing a $2-million bond to remain free on charges that she duped J.P. Morgan Chase with fake records to acquire Frank, her student loan assistance startup company, for $175-million. Prosecutors say she claimed her company had over 4 million customers when it had fewer than 300,000 clients.
JPMorgan Chase began talks with Javice in 2021 about acquiring her startup, named Frank, which promised to simplify the financial aid process for college applicants. Before JPMorgan Chase agreed to purchase Frank, the bank requested data to verify its number of users. It was then that Javice turned to her director of engineering and asked him to fabricate a data set, prosecutors said.
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