Charlie Javice Convicted of Fraud in $175 Million JPMorgan Acquisition

The Frank founder was found guilty of inflating her startup's user base, facing up to 30 years in prison after a federal jury's verdict.

Charlie Javice was convicted on four counts of fraud for deceiving JPMorgan Chase during its $175 million acquisition of her startup, Frank.
Prosecutors proved that Javice fabricated data to claim over 4 million users for Frank, when the actual number was fewer than 300,000.
The jury deliberated for eight hours over two days following a five-week trial in Manhattan federal court.
Javice, once celebrated as a fintech innovator and featured on Forbes' '30 Under 30,' now faces a maximum sentence of 30 years in federal prison.
The case has spotlighted lapses in JPMorgan's due diligence, as executives admitted they relied on trust rather than verifying Frank's user data.