Overview

• 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.