News Summary

Charlie Javice, the founder of the student loan application startup Frank, has been found guilty of defrauding JPMorgan Chase. The bank acquired Frank in 2021 for $175 million, under the belief that the startup had 4 million customers. However, it was later revealed that the customer count was only 300,000. Javice was accused of fabricating the customer list with the help of a math professor to deceive JPMorgan. The trial, which lasted five weeks, concluded with the jury finding Javice guilty, and she now faces a potential lengthy prison sentence. Her sentencing is scheduled for August.