Frank Founder Charlie Javice Sentenced to Prison for Defrauding JPMorgan Chase

Updated 26 days ago

CNBC reported that on September 29, 2025, Charlie Javice, founder of the college financial aid platform Frank, was sentenced to just over seven years in prison for defrauding JPMorgan Chase. The sentence follows her March 2025 conviction on charges including conspiracy, wire fraud, and bank fraud. The charges stemmed from JPMorgan's $175 million acquisition of Frank in 2021.

justice.gov reported, Prosecutors accused Javice of orchestrating a scheme to dramatically inflate her company's user base to induce the sale. Javice claimed Frank had more than four million student clients when the actual number was approximately 300,000. After an engineer refused to create fake data, Javice reportedly paid a data science professor to generate a fraudulent list of users. Javice was first arrested in 2023 and has been free on bail. She is expected to appeal the conviction.

Editorial Process: This article was drafted using AI-assisted research and thoroughly reviewed by human editors for accuracy, tone, and clarity. All content undergoes human editorial review to ensure accuracy and neutrality.

Reviewed by: Catamist Staff

Report an issue with this article