{"id":264731,"date":"2025-09-29T20:49:19","date_gmt":"2025-09-29T20:49:19","guid":{"rendered":"https:\/\/www.europesays.com\/us\/264731\/"},"modified":"2025-09-29T20:49:19","modified_gmt":"2025-09-29T20:49:19","slug":"2013-wharton-graduate-charlie-javice-sentenced-to-seven-years-in-prison-for-fraud","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/264731\/","title":{"rendered":"2013 Wharton graduate Charlie Javice sentenced to seven years in prison for fraud"},"content":{"rendered":"

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\t\t\t\t\t\t2013 Wharton graduate Charlie Javice was sentenced on Sept. 29 (Photo courtesy of Wharton). <\/p>\n

2013 Wharton graduate Charlie Javice was sentenced to just over seven years in federal prison on Monday for defrauding JP Morgan in its $175 million purchase of her startup, Frank.\n<\/p>\n

Her 85-month prison term will be followed by three years of supervised release. Following her conviction in March, federal prosecutors initially recommended that Javice serve 12 years in prison after\u00a0she was found to have exaggerated the customer base of her financial aid assistance program.\n\t\t<\/p>\n

\u201cI am deeply sorry, and I am asking with all my heart for forgiveness,\u201d Javice told District Court judge Alvin Hellerstein during the trial, according to Bloomberg<\/a>. \u201cIf it were within my power, I would never make the same mistake.”\n<\/p>\n

During the five-week trial<\/a> \u2014 which began in February and concluded on March 28 in New York \u2014 a 12 person jury found Javice guilty on all four counts she faced: bank fraud, securities fraud, wire fraud, and conspiracy.\n\t\t\t\t<\/p>\n

1984 Wharton graduate and chair of the Wharton Board of Advisors Marc Rowan sent a letter of support<\/a> on Sept. 11 to Hellerstein urging the court to \u201cimpose a lenient sentence\u201d for Javice.\n<\/p>\n

Rowan \u2014 who served as Frank\u2019s lead investor<\/a>, according to Javice in 2018 \u2014 described the letter as an opportunity to \u201coffer a more complete picture of who Charlie is as a person.\u201d\u00a0\n\t<\/p>\n

He also emphasized Javice\u2019s \u201cresilience, intelligence and dedication to helping people in need,\u201d adding that she has remained a \u201cpositive and upbeat person through these challenging past years.\u201d\n<\/p>\n

The trial investigated allegations against Javice and Frank’s Chief Growth Officer Olivier Amar for falsifying records to inflate Frank\u2019s customer base tenfold in order to secure the company\u2019s acquisition.\n<\/p>\n

JPMorgan filed a lawsuit<\/a> against Javice in December 2022 \u2014 one month after firing her<\/a>. The bank accused Javice of fabricating more than 4 million user accounts despite maintaining less than 300,000, according to the lawsuit.\n\t\t<\/p>\n

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Get our newsletter, DP Daybreak, delivered to your inbox every weekday morning.<\/p>\n

In 2018, Frank settled<\/a> with the federal government over allegations that the startup misrepresented its connection to the Department of Education.\n<\/p>\n

Two years later, bipartisan members of Congress wrote a letter<\/a> to the Federal Trade Commission claiming that Frank was misleading students by promoting a nonexistent universal application for COVID-19 pandemic-era student relief funds.\n<\/p>\n

Javice countersued<\/a> JPMorgan in 2023, claiming that four million users did go on Frank\u2019s website to read articles about financial aid processes. She did not dispute that less than half a million users used the platform to complete financial aid forms.<\/p>\n

The Daily Pennsylvanian is an independent, student-run newspaper. Please consider making a donation<\/a> to support the coverage that shapes the University. Your generosity ensures a future of strong journalism at Penn.<\/p>\n

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