MONEY & BUSINESS: Charlie Javice pleads not guilty to defrauding JPMorgan
Entrepreneur Charlie Javice pleaded not guilty on Monday to charges of defrauding JPMorgan Chase into buying her now-shuttered college financial aid startup Frank, according to a spokesman for the US Attorney’s office in Manhattan.
Federal prosecutors said Javice, 31, repeatedly lied about her company to JPMorgan, including by claiming Frank — marketed as a tool to help simplify college financial aid for students and parents — had lined up 4.25 million student customers though the number was closer to 300,000.
She was indicted last week on charges of securities fraud, wire fraud, bank fraud and conspiracy.
JPMorgan, the largest US bank, bought Javice for $175 million in 2021.