Legal
JPMorgan, Charlie Javice Both Accused of Lying as Fraud Trial Begins
- Prosecutor says Javice lied to make her company more valuable
- Bank acquired her college-loan site for $175 million in 2021
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JPMorgan Chase & Co. bought a 29-year-old entrepreneur’s lies when it acquired her college financial-planning startup for $175 million, federal prosecutors told a Manhattan jury at the start of Charlie Javice’s fraud trial.
But Javice’s lawyer said it was JPMorgan that was lying about being cheated. Instead, he said the bank cried fraud because it had “buyer’s remorse” over its 2021 purchase of her company, Frank, after the government changed the rules on filing student financial aid forms through the site.