Charlie Javice gets 7 years behind bars for JPMorgan fraud - reports

[Charlie Javice Sentenced After Being Convicted In JPMorgan Chase Fraud Trial]
Spencer Platt/Getty Images News

Startup founder Charlie Javice on Monday was given an 85-month prison sentence [https://seekingalpha.com/pr/20247824-charlie-javice-sentenced-to-7-years-in-prison-for-fraudulent-175m-sale-of-financial-aid] for defrauding JPMorgan Chase (NYSE:JPM [https://seekingalpha.com/symbol/JPM]) regarding its $175M acquisition of her fintech company four years ago, the Associated Press reported Monday.

JPMorgan (NYSE:JPM [https://seekingalpha.com/symbol/JPM#hasComeFromMpArticle=false#source=section%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews]), which acquired [https://seekingalpha.com/news/3741916-jpmorgan-chase-to-acquire-college-financial-planning-platform-frank#hasComeFromMpArticle=false#source=section%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews] college financial planning website Frank in 2021 for $175M, alleged in 2023 that it was defrauded by Javice [https://seekingalpha.com/news/3924212-jpmorgan-chase-claims-it-was-defrauded-by-college-financial-platform-frank-report#hasComeFromMpArticle=false#source=section%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews] and Frank Chief Growth Officer Olivier Amar by using fake customer accounts to artificially boost Frank's user count. Javice was consequentially arrested in 2023.

“I am deeply sorry, and I am asking with all my heart for forgiveness,” Javice said before her sentencing at federal court in New York. “If it were within my power, I would never make the same mistakes again, not for money not for recognition, not for anything.”

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