Frank Founder Charlie Javice Faces Trial Over Alleged $175M JPMorgan Fraud

Prosecutors accuse Javice of inflating user numbers to secure a lucrative acquisition deal, while her defense claims JPMorgan acted out of buyer's remorse.

• 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.

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