(28 Mar 2025)
RESTRICTION SUMMARY:
ASSOCIATED PRESS
New York – 28 March 2025
1. Various, Charlie Javice (in tan coat) exiting courthouse
STORYLINE:
The founder of a startup company that claimed to be revolutionizing the way college students apply for financial aid has been convicted of defrauding JPMorgan Chase out of $175 million.
Prosecutors said Charlie Javice tricked the bank by saying her company, Frank, had more than 4 million customers when it actually had served as few as 300,000.
A jury in New York City returned its verdict on Friday after a five-week trial. Javice, who is 32, faces the possibility of a lengthy prison term.
Her lawyer said JPMorgan made up the fraud allegations because it had buyer’s remorse after a regulatory change made Frank’s customer data less valuable.
AP video shot by Michael R. Sisak
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