Overview

• Charlie Javice, founder of the student aid startup Frank, is on trial in Manhattan for allegedly defrauding JPMorgan Chase in a $175 million acquisition deal.
• Prosecutors argue that Javice fabricated data to falsely claim Frank had over 4 million users, while the actual number was closer to 400,000.
• Javice's defense team contends that the fraud allegations stem from JPMorgan's buyer's remorse after regulatory changes diminished the deal's value.
• The trial, expected to last four weeks, could result in significant prison time for Javice and former Frank executive Olivier Amar if convicted of charges including bank and wire fraud.
• Jury selection was completed after extensive questioning, and opening statements have emphasized the conflicting narratives between the prosecution and defense.