Who Is Charlie Javice? Her Background, JPMorgan Fraud Case, and the Prison Sentence Explained

Charlie Javice, a 32-year-old fintech entrepreneur once celebrated for founding the student aid platform Frank, has been sentenced to more than seven years in prison after a US federal court found her guilty of defrauding JPMorgan Chase in its $175 million (£130 million) acquisition of her company. The case, which unfolded in Manhattan, exposed fabricated user data that prosecutors said misled one of the world's largest banks.

Early Life and Background

Javice was born in 1993 and holds both American and French nationality. She studied at the Wharton School of the University of Pennsylvania and quickly gained recognition in financial technology circles. Her inclusion in Forbes' 2019 '30 Under 30' list helped build her reputation as one of the sector's most promising young entrepreneurs.

In 2016, she founded Frank, an online platform that aimed to simplify the US federal student aid process. The company claimed to help students navigate the Free Application for Federal Student Aid (FAFSA) system more efficiently.

By 2017, Frank was positioning itself as a vital tool for students and families seeking easier access to loans and grants.

JPMorgan Acquisition of Frank

Frank's rapid growth and bold claims attracted attention from major financial institutions. In September 2021, JPMorgan Chase acquired Frank in a deal worth $175 million. At the time, the platform was said to have more than four million users.

However, problems emerged soon after the takeover. Internal checks revealed that the actual number of real users was closer to 300,000. Millions of supposed email addresses provided by Frank were found to be either invalid or fabricated.

By January 2023, JPMorgan shut down Frank entirely, citing misleading representations about the platform's user base.

The incident highlighted gaps in JPMorgan's due diligence process and raised questions about how such a significant acquisition was approved with inflated data.

The Fraud Case and Trial

Prosecutors alleged that Charlie Javice, along with Frank's former growth executive Olivier Amar, deliberately inflated user figures to mislead JPMorgan. Court documents stated that Javice hired a data scientist to create synthetic lists of users to support the exaggerated claims.

Javice faced charges of securities fraud, wire fraud, bank fraud and conspiracy. The trial was held in Manhattan federal court, where prosecutors argued that she knowingly misrepresented Frank's scale to secure the lucrative deal.

In March 2025, a jury found Javice guilty on all counts. Amar was also convicted, though his sentencing was scheduled separately. The case drew comparisons with other high-profile corporate scandals, including Theranos, where exaggerated promises and false data were used to attract investment and credibility.

The Sentence and Aftermath

On 29 September 2025, US District Judge Alvin Hellerstein sentenced Javice to 85 months in federal prison, equivalent to seven years and one month. She was also ordered to pay approximately $288 million (£214 million) in restitution and $22 million (£16.3 million) in forfeiture.

Judge Hellerstein stated that the crime involved a 'great deal of duplicity' and emphasised the need for deterrence in white-collar offences. Javice's legal team requested leniency, arguing that Frank had some legitimate value, but the court found the evidence of deception overwhelming.

Javice remains free on a $2 million (£1.5 million) bond while her legal team pursues an appeal. Meanwhile, her co-defendant Olivier Amar is scheduled to be sentenced in October 2025.

The case has placed renewed scrutiny on startup culture and investor oversight. Analysts note that if one of the world's largest banks can be misled by inflated claims, questions arise about the robustness of due diligence in fintech mergers and acquisitions.