JPMorgan Was Victim of ‘Brazen Fraud,’ US Says in Charlie Javice Closing Arguments

Charlie Javice committed “brazen fraud” when she sold her student-finance company Frank to JPMorgan Chase & Co. based on inflated user numbers, a federal prosecutor said during closing arguments at the startup founder’s trial.

The trial of Javice, 32, and her co-defendant, former Frank chief growth officer Olivier Amar, began to wrap up Wednesday after more than a month of testimony in Manhattan federal court. The two are charged with lying and creating fake data showing Frank had more than 4.25 million customers, when it actually had fewer than 300,000, to convince JPMorgan to buy the company at a higher price.