fox29.com
72%
153
Frank founder Charlie Javice arrested in New Jersey on fraud charges
NEW YORK - The founder of Frank, a student loan assistance startup company that J.P. Morgan Chase acquired for $175 million two years ago, was arrested on charges that she duped the financial giant by dramatically inflating the number of customers her company had, authorities said.Charlie Javice, 31, of Miami Beach, Florida, was arrested Monday night in New Jersey on conspiracy, wire and bank fraud charges.A charging document in Manhattan federal court said she claimed her company had over four million users when it had fewer than 300,000 customers."This arrest should warn entrepreneurs who lie to advance their businesses that their lies will catch up to them."Authorities said Javice, who appeared on the Forbes 2019 "30 Under 30" list, would have earned $45 million from the fraud.Javice and her lawyer declined to comment as they left court after Javice signed a $2 million bond and agreed to curfew and possible electronic monitoring if court officers decide it is necessary. She also agreed not to contact key figures in the case — including investors — except for her mother and her mother's boyfriend.In a release, U.S.