Student loan startup founder pleads not guilty to defrauding JPMorgan Chase of $175 million

Charlie Javice, founder of Frank, a college financial planning company, pleaded not guilty to charges she defrauded JPMorgan Chase into acquiring her company for $175 million by lying about the number of users.
Prosecutors allege Javice claimed the company had over 4 million student customers when the number was actually less than 300,000.
The charges against Javice include securities fraud, wire fraud, bank fraud and conspiracy.
If convicted, Javice faces decades in prison.
JPMorgan bought Frank in 2021 but the deal quickly soured.