Javice found guilty of defrauding JPMorgan in $175M startup purchase

“When JPMorgan bought Frank in 2021, the bank thought the startup had 4 million customers. The bank found out that the actual customer count was only 300,000 when it later sent test marketing emails to alleged Frank users and approximately 70% of those messages bounced back.”

Charlie Javice told JPMorgan her startup had 4 million customers. It had about 300,000. JPMorgan paid $175 million and checked afterward. A jury found her guilty.