Charlie Javice sentenced to over 7 years for $175M JPMorgan fraud
Charlie Javice sentenced to over 7 years for $175M JPMorgan fraud | AP News
https://apnews.com/article/charlie-javice-sentencing-fraud-jp-morgan-238cb9a218265f7fd9bea54b06eae9b7
NEW YORK (AP) — Charlie Javice, the founder of a startup company that promised to revolutionize the way college students apply for financial aid, was sentenced Monday to more than seven years in prison for cheating JPMorgan Chase out of $175 million by greatly exaggerating how many students it served.
Javice, 33, was convicted in March of duping the banking giant when it bought her company, called Frank, in the summer of 2021. She made false records that made it seem like Frank had over 4 million customers when it had fewer than 300,000.
Addressing the court before she was sentenced, Javice, who was in her mid-20s when she founded the company, said she was “haunted that my failure has transformed something meaningful into something infamous.”
Sometimes speaking through tears, she said she “made a choice that I will spend my entire life regretting.”
Judge Alvin K. Hellerstein largely dismissed arguments by Javice’s lawyer, Ronald Sullivan, that he should be lenient because the negotiations that led to Frank’s sale pitted “a 28-year-old versus 300 investment bankers from the largest bank in the world.”
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