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Overview
Charlie Javice founded Frank, a college financial aid startup, and allegedly inflated customer numbers from 300,000 to 4.25 million to deceive JPMorgan into paying $175 million for the company. She was charged with fraud in 2023 after JPMorgan discovered the deception and sued.
Key Affiliations
Controversies & Concerns
FAKE CUSTOMERS: 300K inflated to 4.25 million
$175M FRAUD: JPMorgan deceived into acquisition
SYNTHETIC DATA: Used fake data to create fake users
STARTUP FRAUD: Pattern in tech industry
Related Investigations (1)
Criminal Charges & Violations
3 documented violations
15 U.S.C. � 78j(b)Securities Fraud(CHARGED)
18 U.S.C. � 1343Wire Fraud(CHARGED)
18 U.S.C. � 1344Bank Fraud(CHARGED)
Known Associates & Connections
Trevor Milton
Contemporary startup fraud case
Jamie Dimon
JPMorgan Chase CEO whose bank acquired Frank for $175M
Sources & Documentation
3 documented sources from official records, investigations, and reports
Personal Information
- Born
- 1990 (approx)
- Birthplace
- United States
Education
- •University of Pennsylvania
Key Timeline
2016
Founds Frank
2021
JPMorgan acquires Frank for $175M
2022
JPMorgan discovers fraud
April 2023
Charged with fraud