New York (AP) – Charlie Javice, the founder of a start -up company, which promised to change the revolution of college students for financial assistance, was sentenced to more than seven years in prison on Monday for summoning Jpmorgan Chase from $ 175 million.
33 -year -old Javice in March. Was convicted of mitigating the banks’ giant in 2021. In the summer, she bought her company called Frank. She made false records that made Frank look more than 4 million customers when they had less than 300,000.
When applying to court against her convicted, Javice, who was in the middle of 20, when she founded the company, said she “persecuted that my failure turned something meaningful into something sadly famous.”
Sometimes she said “she chose to spend my lifetime regrettable.”
Judge Alvin K. Hellertein essentially rejected Javice lawyer Ronald Sullivan’s argument that he should be gentle because the negotiations for which Franco sales were sold were “28 years and 300 investment bankers from the world’s largest bank.”
However, the judge criticized the bank, saying that “they have a lot to blame” because they did not do proper decent inspection. Still, he quickly added that he “punishes her behavior, not the stupidity of Jpmorgan.”
Javice was among many young technologies leaders who spread fame with allegedly destructive or transformative companies, only to see how they collapsed, taking into account whether they were engaged in blowing and fraud by interacting with investors.
Her prosecution compared the case against Elizabeth Holmes, the founder of the Blood Testing Company, Theranos, who collapsed in the fraud.
Javice, who lives in Florida, since 2023. The arrest was free for $ 2 million. USD deposit. The judge stated that she could remain free until she appealed to the verdict. She was convicted of conspiracy, bank fraud and wiring fraud. Her lawyers said JPMORGE was going after Javice because he had mercy on buyers.
Javice, a graduate of the Work School of Pennsylvania, founded Frank to start software, which promised to simplify the difficult process to fill in the free application for federal students – a complex form of government that students use to help with college or graduate students.
Frank’s supporters included venture capitalist Michael Eisenberg. The company said its offer, similar to the online tax preparation software, could help students maximize financial aid while making the application process less painful.
