Charlie Javice convicted of defrauding JPMorgan in $175 mn sale of startup

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Charlie Javice convicted of defrauding JPMorgan in $175 mn sale of startup - Business Standard

Quick Summary:

Charlie Javice, the charismatic founder of a startup company that claimed to be revolutionizing the way college students apply for financial aid, was convicted on Friday of defrauding one of the largest US banks, JPMorgan Chase, out of USD 175 million by exaggerating her customer base by 10 times.

Javice was in her mid-20s when she founded Frank, a company with software that promised to simplify the process of filling out the Free Application for Federal Student Aid, a complex government form used by students to apply for aid for college or graduate school.

The company promoted itself as a way for financially needy students to obtain more aid faster, in return for a few hundred dollars in fees.