Charlie Javice Convicted of Fraud in $175M JPMorgan Deal

The founder of fintech startup Frank was found guilty of fabricating user data to inflate the company's value, deceiving JPMorgan into a high-profile acquisition.

A federal jury convicted Charlie Javice and Olivier Amar of defrauding JPMorgan Chase by fabricating data to falsely claim Frank had over 4 million users.
The fraud was uncovered after JPMorgan's marketing emails to Frank's alleged customers revealed a high bounce rate and limited engagement.
Javice hired a data scientist to create fake customer data, which was used to mislead JPMorgan during the 2021 acquisition process.
Javice and Amar, who became multimillionaires from the deal, face up to 30 years in prison, with sentencing scheduled for July 2025.
The case has raised concerns about due diligence failures in fintech acquisitions and the broader implications for trust in the sector.