Charlie Javice, founder of the fintech startup Frank, has been found guilty by a federal jury in Manhattan of defrauding JPMorgan Chase. The jury determined she misled the bank into thinking her company had access to data for 4.25 million students, which was a key reason for the acquisition valued at $175 million. This conviction marks a significant downfall for the once-promising entrepreneur, who had been recognized in Forbes' 30 under 30. The maximum penalty for her actions could lead to 30 years in federal prison, highlighting the serious implications of her fraudulent activities.
Javice was convicted of defrauding JPMorgan Chase by misleading the bank into believing her startup had data for 4.25 million students, risking a 30-year sentence.
The jury deliberated for eight hours, ultimately concluding that Javice used fake data to secure a $175 million acquisition by JPMorgan.
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