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The Independent UK
The Independent UK
National
Larry Neumeister

Founder of student aid startup Frank faces criminal trial over whether she defrauded JPMorgan Chase

JPMorgan Frank Charlie Javice Jose Baez Financial Aid

A Florida woman backed by wealthy advisers who created a company to make it easier for college students to apply for financial aid went on trial Thursday on criminal charges that she defrauded JPMorgan Chase & Co. in a $175 million buyout deal.

Frank founder Charlie Javice committed a “massive fraud” by telling lies to claim her company had millions of customers when it only had about 400,000 clients as she closed in on a deal in the summer of 2021, Assistant U.S. Attorney Rushmi Bhaskaran told jurors in an opening statement at the trial of Javice and another former Frank executive.

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