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Frank founder Charlie Javice formally indicted

Frank founder Charlie Javice formally indicted

Founder of student financial aid assistance company Frank, Charlie Javice, has been formally indicted on charges of defrauding JPMorgan Chase in its $175 million acquisition.

The bank agreed to buy Frank in late 2021, but, late last year JPMorgan sued Javice, of creating a list of millions of fake users to get the deal completed.

Javice filed her own suit against JPMorgan in an effort to force the bank to cover her legal fees.

Prosecutors stated that Javice committed “a brazen scheme to defraud” JPMorgan and “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 was arrested in April for conspiracy, wire fraud, and bank fraud and was released on a $2 million bond. Javice had been in talks with prosecutors as she had hoped to resolve the charges.

JPMorgan sued Javice for fabricating customer records, but earlier this month the court ruled that the bank was obligated to cover Javice’s legal bills.

Javice has also been charged with fraud by the SEC and, last month, was hit with criminal charges by Manhattan federal prosecutors.

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