(CNBC) The Justice Department on Tuesday criminally charged Charlie Javice, founder of college financial-planning platform Frank, with defrauding JPMorgan Chase out of $175 million. Javice, 31, is accused of “falsely and dramatically” inflating the number of customers Frank actually had in a scheme to “fraudulently induce” the bank to acquire the startup in 2021, federal prosecutors in Manhattan said. She stood to gain more than $45 million from the alleged deception, they added.
Frank founder criminally charged with fraud over $175 million JPMorgan deal
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