![]() Javice was arrested Monday night in New Jersey on counts related to the same deal. Grewal, director of the SEC’s Division of Enforcement, said in a statement. Javice engaged in an old school fraud: She lied about Frank’s success in helping millions of students navigate the college financial aid process by making up data to support her claims, and then used that fake information to induce JPMC to enter into a $175 million transaction,” Gurbir S. The ensuing SEC investigation alleges that Javice took in “$9.7 million directly in stock proceeds, millions more indirectly through trusts, and a contract entitling her to a $20 million retention bonus” through the 2021 sale of her company. The SEC said in a complaint filed to a New York District Court that Javice led JPMorgan Chase to believe that Frank had 4.25 million users, when it in reality had fewer than 300,000. ![]() Charlie Javice, founder of the buzzy student financial assistance startup Frank, was arrested Monday night and charged by the US Securities and Exchange Commission for allegedly defrauding JPMorgan Chase in the $175 million acquisition of her company.
0 Comments
Leave a Reply. |