News Summary

• Charlie Javice, the entrepreneur who was convicted earlier this year for defrauding JPMorgan Chase out of $175 million, was recently sentenced to seven years in prison.
• Javice sold her student financial aid startup called Frank to JPMorgan Chase in the summer of 2021.
• At the time, it was believed Frank had more than four million customers, and around 300 bankers at JPMorgan Chase vetted the purchase before it was finalized.
• However, Javice was convicted on charges of conspiracy, bank fraud and wire fraud after she was caught falsifying records in order to boost her customer base.