U.S woman who notoriously swindled JPMorgan out of $175m found guilty in education start-up scam

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Charlie Javice the once much talked about entrepreneur is facing some 30 years in prison after scamming JPMorgan under false pretenses involving her so-called education start-up.

The Lowdown

Back in 2023, Javice was first collared after her scam unraveled. According to reports, it unraveled because she lied about the number of users her education start-up was actually servicing.

Her start-up called Frank was meant to supposedly help students have an easier time trying to fill out their FAFSA forms. She in turn inflated the number of users she actually had to make herself look better to the bank at the time of purchase. The bank notably bought the company for $175m.

At the time, authorities got her for wire fraud, securities fraud, bank fraud, and conspiracy. She was charged two years after the transaction first occurred. All but the securities charge (carries 20 years) carries up to 30 years in federal prison.

How’d it unravel?

According to the case, bank investigators at the time attempted to verify customer information on some of the users she claimed to have. To make matters worse, the bank could only reportedly verify about 300k of those alleged users out of the nearly 4.25m she claimed to have during business meetings with bank officials.