Former College Aid Execs Charged with Defrauding JPMorgan of $175M Through Fraudulent Customer Claims

CEO Charlie Javice and exec Olivier Amar charged with wire fraud, bank fraud, securities fraud, and conspiracy.
Javice allegedly inflated customer numbers to convince JPMorgan to acquire the company.
Amar was the chief growth officer at the college financial aid startup Frank.
JPMorgan discovered the fraud after low customer engagement and shut down the startup.
Javice previously pleaded not guilty while Amar has just been indicted.