New York – New York (AP) – Charlie JaviceThe charismatic founder of a company of new companies that claimed to revolutionize the way in which university students request financial assistance, was sentenced on Friday for defrauding one of the largest US banks, JPMorgan Chase, of $ 175 million by exaggerating their client base for 10 times.
A jury in New York City returned his verdict after a five -week trial. Javice, 32, faces the possibility of a long prison sentence.
Javice was about 20 years old when Frank founded, a software company that promised to simplify the process of completing the free federal help for students, a complex government form used by students to request help from the University or the Postgraduate School.
The company was promoted as a way for students to need more in need of more help, in exchange for a few hundred dollars in rates. Javice appeared regularly in cable news programs to boost Frank’s profile, once appearing in “Under 30” list of Forbes Before JPMorgan bought the startup in 2021.
JPMorgan executives testified that he told them that he had more than four million customers and would have around 10 million by the end of the year, but it turned out that there were only about 300,000 clients.
Javice’s lawyer, José Báez, told the jury that JPMorgan knew what he was obtaining in the agreement, and represented the accusations of fraud due to the buyer’s remorse after the government’s regulatory changes made the data he received in the useless agreement to their hopes of winning new young customers.
