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Frank founder criminally charged with fraud over $175 million JPMorgan deal

CNBC | April 4, 2023

The Justice Department on Tuesday criminally charged Charlie Javice, founder of college financial-planning platform Frank, with defrauding JPMorgan Chase out of $175 million.

Javice, 31, is accused of “falsely and dramatically” inflating the number of customers Frank actually had in a scheme to “fraudulently induce” the bank to acquire the startup in 2021, federal prosecutors in Manhattan said. She stood to gain more than $45 million from the alleged deception, they added.

The one-time rising tech star — who was once named as one of Forbes’ 30 Under 30 — was arrested Monday night in New Jersey and is expected in Manhattan federal court Tuesday afternoon.

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