Jury to Deliberate in Charlie Javice Fraud Case After Closing Arguments Conclude

Prosecutors allege Javice fabricated data to inflate her startup's user base, while her defense argues the evidence is flawed.

Charlie Javice, founder of the financial aid startup Frank, is accused of defrauding JPMorgan Chase by exaggerating the company's user base to secure a $175 million acquisition deal.
Prosecutors claim Javice fabricated a dataset showing over 4.2 million users after her head of engineering refused to create synthetic data, hiring an external data scientist for $105,000.
The defense argues that the prosecution's case lacks sufficient evidence and challenges the interpretation of what constitutes a 'user' during acquisition negotiations.
Javice, who did not testify during the five-week trial, faces charges of conspiracy, wire fraud, bank fraud, and securities fraud, with potential sentences of up to 30 years in prison.
The jury is expected to begin deliberations on Thursday, March 27, 2025, following the conclusion of closing arguments in the Manhattan federal court.