Legal
Frank Founder Javice Released on Bail in Alleged JPMorgan Scam
- US says Javice gamed customer count in sale of company to bank
- ‘Don’t want to end up in orange jumpsuits,’ US claims she said
Charlie Javice outside court in New York on Tuesday.
Photographer: Bob Van Voris/BloombergThis article is for subscribers only.
Frank founder Charlie Javice was released on a $2 million bond after being charged with defrauding JPMorgan Chase & Co. in its $175 million acquisition of the college financial-planning site by vastly inflating the number of its users.
Javice, 31, “engaged in a brazen scheme to defraud” JPMorgan, Manhattan US Attorney Damian Williams said in a statement Tuesday. “She lied directly to JPMC and fabricated data to support those lies — all in order to make over $45 million from the sale of her company.”