Charlie Javice sold JPMorgan Chase a student aid startup called Frank for $175 million, claiming 4.25 million users. The Justice Department says the real number was about 300,000. How millions of fake customers were made, the email test that exposed them, the trial, and the twist where the bank still pays the legal bills.
Javice and Olivier Amar were convicted in March 2025 on all four counts; both are appealing. Items from JPMorgan's civil lawsuit are described as alleged.
00:00 400,000 emails, 70% bounced
00:58 The founder who hated the FAFSA
02:15 The $175 million deal
04:05 Four million people who don't exist
05:52 The emails that bounced
07:16 The trial
08:42 The bank still pays her lawyers
09:44 The lesson
Sources: DOJ SDNY (Sep 2025 sentencing release), SEC press release 2023-74, CNBC, AP, Bloomberg Law.
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