Charlie Javice, who is accused of fraud JPMorgan Chase & Co to buy his university financial aid start-up now closed for $ 175 million in 2021, arrived at the United States in Manhattan in New York on June 6, 2023.
Mike Segar | Reuters
Charlie Javice, founder of a startup bought by JPMorgan Chase In 2021, was sentenced by the Federal Court on Friday to have defrauded the bank by largely overestimating the list of customers of the company.
The jury’s decision comes after weeks of testimonies in New York for whom was to blame for the flame of a formerly promising startup. Frank, founded by Javice in 2016, aimed to help users request financial assistance in college.
JPMorgan accused 32 -year -old Javice of the bank to pay $ 175 million for a company that had more than 4 million customers, when in reality he had less than 300,000.
The biggest American bank by assets continued Javice at the end of 2022 after trying to send marketing emails to some of the thousands of “customers” he thought that Frank had. In his costume, Jpmorgan published emails in which Javice hired a data scientist to generate a false list of customers.
Then, in April 2023, the Ministry of Justice charged a javice of four crimes, including Fire and Bank Fraud, counts containing maximum sentences of several decades. Javice was arrested at Newark Airport on April 3 of the same year and was free on bail.
Javice had pleaded not guilty and said that she was innocent throughout the trial; His lawyers blamed JPMorgan to rush to close Frank’s acquisition because he feared that other contenders emerge.
The conviction will occur in August, reported Leslie Picker from CNBC.
A JPMorgan spokesman, based in New York, refused to comment on Friday, while the office of a lawyer representing Javice did not immediately return a call asking for comments.
