Charlie Javice, the founder of failed student loan assistance platform Frank, has been charged with defrauding banking giant JPMorgan Chase (JPMC) out of $175 million, the Department of Justice (DOJ) announced.
Javice, 31, was arrested in New Jersey on April 3 and appeared before U.S. Magistrate Judge Barbara Moses on Tuesday, according to the DOJ. Janice was released on a $2 million bond that restricts her to certain parts of New York and southern Florida, ABC News reports.
The former CEO is accused of “dramatically inflating the number of customers of her company” in order to “fraudulently induce” JPMorgan Chase to acquire Frank for $175 million….