Frank founder Charlie Javice sentenced to 7 years in prison for defrauding JPMorgan Chase

Share via:


Charlie Javice, founder of the financial aid startup Frank and Forbes 30 under 30 alumnus, has been sentenced to seven years in prison for fraud.

The fintech startup had been acquired by JPMorgan Chase in 2021 for $175 million. The bank later accused Javice of lying about its customer base; the founder claimed the company had 4 million customers, when it actually had 300,000. Evidently, JPMorgan Chase did not do its due diligence before agreeing to buy Frank.

During the trial, former Frank engineer Patrick Vovor testified that Javice had…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Popular

More Like this

Frank founder Charlie Javice sentenced to 7 years in prison for defrauding JPMorgan Chase


Charlie Javice, founder of the financial aid startup Frank and Forbes 30 under 30 alumnus, has been sentenced to seven years in prison for fraud.

The fintech startup had been acquired by JPMorgan Chase in 2021 for $175 million. The bank later accused Javice of lying about its customer base; the founder claimed the company had 4 million customers, when it actually had 300,000. Evidently, JPMorgan Chase did not do its due diligence before agreeing to buy Frank.

During the trial, former Frank engineer Patrick Vovor testified that Javice had…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Website Upgradation is going on for any glitch kindly connect at office@startupnews.fyi

More like this

‘Stranger Things 5’ Flips Christmas Upside Down. Volume 2...

'Tis the season for Stranger Things. The fifth and...

AMD EXPO 1.2 could supercharge Ryzen CPUs with CUDIMM...

HWiNFO, a popular system monitoring and diagnostics utility, just...

Popular