Charlie Javice Convicted of $175M Fraud in JPMorgan Acquisition of Frank

The fintech founder and her associate Olivier Amar were found guilty of fabricating customer data to inflate the value of their startup, facing decades in prison.

Charlie Javice, founder of financial aid startup Frank, was convicted of defrauding JPMorgan Chase by fabricating user data to secure a $175 million acquisition.
Javice and Frank's Chief Growth Officer, Olivier Amar, falsely claimed the company had over 4 million customers, while the actual number was closer to 300,000.
Prosecutors revealed that Javice hired a data scientist to create fake customer profiles, which were used to mislead JPMorgan during the due diligence process.
JPMorgan discovered the fraud in early 2022 after marketing emails to Frank’s alleged users had a 70% bounce rate, uncovering the inflated customer base.
Javice, 32, faces a potential maximum sentence of 30 years in prison, with sentencing scheduled for later in 2025, marking a dramatic fall for the once-celebrated fintech entrepreneur.