Charlie Javice Sentenced, JPMorgan Fraud Case: Net Worth & Company Value

Charlie Javice was convicted for defrauding JPMorgan Chase and sentenced to 85 months in prison as of September 29, 2025. Javice, as CEO and founder of fintech startup Frank, was charged with fraud for misrepresenting user acquisition at Frank and claiming the platform was worth more during the 2021 acquisition for $175 million. 

Who Is Charlie Javice, Frank’s CEO?  

At 33, Charlie Javice is a graduate of the Wharton School of the University of Pennsylvania and a former star entrepreneur whose first company Frank helped make more accessible the financial aid process to college students. This earned her a spot on the ‘30 under 30’ list of Forbes.  

What Fraud Did Charlie Javice Commit?  

Javice’s fraud consisted of creating fictitious users to defraud JPMorgan Chase in the company’s acquisition. She then generated fake data to support her fraudulent claims, resulting in wire fraud, bank fraud, and conspiracy to defraud.  

In 2023, the bank sued Frank and, under her direction, it was sued for the company’s fraudulent claims, and she and Frank’s chief growth officer, Olivier Amar, were convicted for their part in the fraud.  

What Happened in the Charlie Javice JPMorgan Chase Fraud Case? 

Although, Javice touted Frank as having more than 4 million users, and claiming less than 300,000 users, evidence pointed to the claim as having at least 4 million users. It was alleged that Frank hired a data scientist to create fake user data because an engineer refused to provide the fake data due to legal complications. This fraud enabled Chase to over pay for the start up, which was meant to simplify college financial aid for students. 

After a jury made their decision in March, Judge Alvin Hellerstein was responsible for sentencing. Although the state was asking for 12 years, the judge remarked on the seriousness of crime with the 85 months (7 Years) sentenced making it clear the Javice deserved a longer sentence.

Forbes 30 under 30 Entrepreneur Charlie Javice Sentenced to 7 Years for Defra¥ding JPMorgan to the Tune of $175 Million

Charlie Javice, founder of the college financial aid startup Frank, has been sentenced to 85 months in prison for defra¥ding JPMorgan Chase into acquiring her… pic.twitter.com/ZJLtF4yiIk

— Instablog9ja (@instablog9ja) September 30, 2025

Charlie Javice Sentenced

Ms. Javice asked the judge for forgiveness on several occasions, including JPMorgan, her investors, and her family, and expressed a strong sense of remorse. This was noted by Judge Hellerstein, who claimed he had to maintain the prison sentence due to a need for general deterrence.  

Along with the prison term, Judge Hellerstein ordered Javice to pay a restitution of almost $310 million, a sentence with which she still remains free on bail for the appeal of the sentence.

Charlie Javice’s Net Worth and Company Value Impact

Prior to the lawsuit, Frank’s acquisition deal valued the startup at $175 million. Javice's personal net worth was tied closely to the company's success, but the fraud conviction has severely impacted her financial standing. JPMorgan Chase's CEO Jamie Dimon labeled the acquisition "a huge mistake," emphasizing the fallout from the scandal.

What Implications Does This Case Have for JPMorgan Chase and Startups?

Judge Hellerstein described JPMorgan Chase’s due diligence as ‘sloppy’ during the acquisition, but also described Javice’s deception as the ‘more serious problem.’ As for what this case means for other potential investors, it signifies the significant risk associated with startup valuations, and, perhaps more critically, the need for investors to exercise more thorough due diligence.