The Charlie Javice Fraud Case resulted in JPMorgan suing her for millions of dollars. Her startup, Frank, acquired by JPMorgan for $175 million, turned out to be a scam.
She was a highly-rated businesswoman just a couple of years ago. And now, the American entrepreneur’s true nature has been revealed.
Since a young age, Javice was the subject of glowing profiles on financial sites such as Forbes, Insider, Fast Company, and Inc. Magazine.
The ambitious entrepreneur Charlie Javice was included in Forbes’s 30 Under 30 and 40 Under 40 lists.
The Frank founder was praised for her vision and entrepreneurship. However, now the truth has been revealed, and the media have scrutinized her.
Charlie Javice Fraud Case
Charlie Javice Fraud Case has taken the financial world by storm after JPMorgan revealed that her startup, Frank, did nothing but scam them.
In 2021, Javice sold her fintech company, Frank, to JPMorgan Chase for a whopping $175 million.
After the acquisition, she wrote on her LinkedIn that as an entrepreneur, she got her fairytale a new beginning.
Javice’s financial aid startup, Frank, was frequently featured in Wall Street Journal, The New York Times, and CNBC.
Wharton Business School hailed her as “the voice of a microfinance generation.”
However, just over a year after Frank’s acquisition by JPMorgan Chase, Javice is being sued for allegedly tricking them into buying the startup for $175 million.
The major red flag with Javice’s Frank was the legions of fake customers. The company allegedly created more than four million college-aged users that do not exist.
The lawsuit was filed in US District Court in Delaware in 2022.
JPMorgan alleges that Charlie, with the help of a data science professor, generated a large amount of bogus Frank users to impress them.
However, the number of real students who signed up for Frank was found to be fewer than 300,000.
Javice was appointed a managing director at JPMorgan Chase as part of the acquisition and has already been fired.
Nevertheless, she is also countersuing JP Morgan, claiming that the company worked to force her out to deny millions in compensation that she was owed.
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Who Is Charlie Javice? More About Frank Founder
Charlie Javice is a businesswoman popularly known for being the founder of the financial aid startup Frank, later acquired by JPMorgan.
Javice founded Frank in June 2016, and the company aimed to help students navigate the financial aspects of college.
Frank helped students secure financial aid and determine what to do after graduation.
The startup also developed an online course marketplace for students to earn college credits from accredited universities at a good price.
Charlie Javice got her high school diploma from the French American School of New York (FANSY) and joined The Wharton School to study BS.
In 2013, she graduated from the University of Pennsylvania’s Wharton School with a Bachelor of Science degree in finance.
The millennial entrepreneur was interested in business and finance from an early age as she interned at Planet Finance Argentina in 2009.
For more than three years, Javice was a Member of the Board of Overseers at the University of Pennsylvania Hillel.
In 2010, she founded PoverUP, which connects students, scholars, and professionals to learn. connect, and invest in sustainable solutions, according to her LinkedIn.
Her popularity skyrocketed following JPMorgan’s acquisition of Frank in 2021.
Since then, she has worked as the Managing Director – Head of Student Solutions at JPMorgan Chase.
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