Charlie Javice is accused of using fake data to lure JPMorgan Chase into buying her startup.
Javice is also limited to traveling between New York City and South Florida, must observe a curfew and is barred from contacting potential witnesses, as well as employees at JPMorgan Chase and Frank.JPMorgan Chase is currently suing Javice.The arrest marked the culmination of a shocking downfall for Javice, a dual US and French citizen who was honored on Forbes’ “30 Under 30” list for rising stars in the financial world in 2019.
When JPMorgan officials sought proof of Frank’s user metrics, Javice purportedly paid an “outside data scientist” $18,000 to create a fake list of clients. The feds assert that the data helped push the bank into closing the deal. Court papers said JPMorgan realized the scam after it attempted to conduct an marketing campaign using the customer list – only for its emails to bounce bank.“As alleged, Javice engaged in a brazen scheme to defraud JPMC in the course of a $175 million acquisition deal,” US Attorney Damian Williams said in a statement. “She lied directly to JPMC and fabricated data to support those lies — all in order to make over $45 million from the sale of her company.
Javice received a $21 million payout for selling for an equity stake in Frank to JPMorgan and a $20 million retention bonus, according to the feds.Charlie Javice visited a local Target during the trip.Javice founded Frank in 2017. The firm was billed as a service that would help college students and their families to navigate an often-complicated financial aid application process.
JPMorgan closed down Frank in January. The bank’s CEO Jamie Dimon has described JPMorgan’s acquisition of Frank as a “huge mistake.”from users who pointed out that the Frank founder had joined the likes of Elizabeth Holmes and Sam Bankman-Fried among those to be honored by the publication, only to later face criminal charges.
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