Charlie Javis, who was charged with fraud by JPMorgan Chase & Co in 2021 to buy her now-tidy college financial aid startup for $175 million for her now $175 million, arrives at US court in Manhattan, New York City on June 6, 2023.
Mike Seger | Reuters
Charlie Javice, the founder of the startup purchased by JPMorgan Chase in 2021, was convicted in federal court on Friday for fraudulent banks by exaggerating the company’s client list.
The ry umpire’s decision comes after weeks of testimony in New York about who will blame the once presumed startup flames. Founded by Javice in 2016, Frank aimed to help users apply for university financial aid.
JPMorgan accused Javice, 32, of cheating on the bank for paying $175 million to a company that actually has fewer than 300,000 customers. The largest US bank by assets sued Javice in late 2022 after attempting to send marketing emails to some of the thousands of “customers” Frank thought he had.
Then, in April 2023, the Department of Justice charged Havis with four counts of crimes such as wire and bank fraud, as well as charges that resulted in a long maximum sentence.
A JPMorgan spokesman declined to comment.
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