Frank Founder Charlie Javice Sentenced To 7 Years In Prison For Defrauding Jpmorgan Chase

Charlie Javice, laminitis of nan financial assistance startup Frank and Forbes 30 nether 30 alumnus, has been sentenced to 7 years successful situation for fraud.

The fintech startup had been acquired by JPMorgan Chase successful 2021 for $175 million. The slope later accused Javice of lying astir its customer base; nan laminitis claimed nan institution had 4 cardinal customers, erstwhile it really had 300,000. Evidently, JPMorgan Chase did not do its owed diligence earlier agreeing to bargain Frank.

During nan trial, erstwhile Frank technologist Patrick Vovor testified that Javice had asked him to create clone personification information anterior to nan sale; erstwhile he declined, Javice asked mathematics professor and information intelligence Adam Kapelner for thief creating synthetic data. Kapelner provided cardinal grounds for nan prosecution.

Along pinch her co-defendant, Frank’s main maturation serviceman Olivier Amar, Javice will beryllium responsible for paying $278.5 cardinal successful restitution.