\n<\/p>\n
Charlie Javice, the entrepreneur convicted for defrauding JPMorgan Chase into buying her college financial aid startup Frank for $175m, was sentenced on Monday to just over seven years in prison.<\/p>\n
Alvin Hellerstein, the US district judge, handed down the sentence at a hearing in Manhattan federal court.<\/p>\n
Javice, 33, was convicted in March on all four counts she faced: bank fraud, securities fraud, wire fraud and conspiracy. She had pleaded not guilty and is expected to appeal her conviction. Prosecutors with the Manhattan US attorney\u2019s office had sought a 12-year prison sentence.<\/p>\n
Javice founded Frank in 2017, and won praise for simplifying college financial aid for students and parents. She became a rising star in finance, and appeared on Forbes magazine\u2019s \u201c30 Under 30\u201d list in 2019.<\/p>\n
JPMorgan bought Frank in September 2021, but found itself unable to email much of Javice\u2019s claimed customer base, and concluded she faked her customer list.<\/p>\n
Prosecutors said Javice claimed she had 4.25 million customers, but the real number was closer to 300,000. JPMorgan CEO Jamie Dimon called buying Frank a \u201chuge mistake\u201d.<\/p>\n
Lawyers for Javice sought a prison term significantly shorter than 12 years, calling her \u201clapse of judgment\u201d an aberration and the harm to JPMorgan inconsequential.<\/p>\n
Javice added prominent appellate lawyer Alexandra Shapiro to her legal team this month. Shapiro\u2019s other clients include hip-hop mogul Sean \u201cDiddy\u201d Combs, who is expected to appeal his conviction on prostitution-related charges, and cryptocurrency executive Sam Bankman-Fried, who is appealing his fraud conviction and 25-year prison sentence.<\/p>\n
Javice\u2019s co-defendant Olivier Amar, who was Frank\u2019s chief growth officer, was convicted on the same counts as her. His sentencing is scheduled for 20 October.<\/p>\n","protected":false},"excerpt":{"rendered":"
Charlie Javice, the entrepreneur convicted for defrauding JPMorgan Chase into buying her college financial aid startup Frank for $175m, was sentenced on Monday to just over seven years in prison. Alvin Hellerstein, the US district judge, handed down the sentence at a hearing in Manhattan federal court. Javice, 33, was convicted in March on all<\/p>\n","protected":false},"author":1,"featured_media":24759,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[7176,15014,12646,15013,15015,150,2250,637],"class_list":{"0":"post-24758","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-charlie","9":"tag-defrauding","10":"tag-entrepreneur","11":"tag-javice","12":"tag-jpmorgan","13":"tag-news","14":"tag-sentenced","15":"tag-years"},"_links":{"self":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts\/24758","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=24758"}],"version-history":[{"count":0,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts\/24758\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/media\/24759"}],"wp:attachment":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24758"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24758"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24758"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}