Financial Aid Fraud Conviction of Charlie Javice

SOURCE www.npr.org
Charlie Javice, founder of a startup company, was convicted of defrauding JPMorgan Chase of $175 million by exaggerating her customer base. She and her co-defendant could face decades in prison. The company, Frank, promised to simplify the financial aid application process for students.

Key Points

  • Javice convicted of defrauding JPMorgan Chase of $175 million
  • Facing possibility of decades in prison
  • Company, Frank, promised to simplify financial aid application process
  • JPMorgan executives testified that Javice exaggerated customer numbers
  • Defense claims JPMorgan knew about the situation but made up fraud allegations
  • Javice and co-defendant convicted on all charges

Pros

  • Efforts to simplify financial aid application process for students

Cons

  • Fraudulently exaggerating customer base to secure deals