News Summary

Charlie Javice, founder of the financial aid startup Frank, has been sentenced to over seven years in prison for defrauding JPMorgan Chase. Javice was convicted of conspiracy, wire, and bank fraud for exaggerating data to fool JPMorgan into acquiring Frank for $175 million, claiming the startup had 4 million users when it only had 300,000. Testimonies during the trial revealed that Javice had solicited help to create fake user data to support her claims. Despite her lawyers seeking a reduced sentence, Javice is also responsible for paying $278.5 million in restitution.