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AP National Business

Student aid startup founder arrested on fraud charges

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Published 8:17 AM

By LARRY NEUMEISTER
Associated Press

NEW YORK (AP) — The founder of the student loan assistance startup company Frank that J.P. Morgan Chase acquired for $175 million has been arrested on charges that she duped the financial giant by dramatically inflating the number of customers her company had. Charlie Javice of Miami Beach, Florida, was arrested Monday night in New Jersey on conspiracy, wire and bank fraud charges. A charging document in Manhattan federal court said she claimed her company had over four million users when it had fewer than 300,000 customers. Authorities said Javice, who appeared on the Forbes 2019 “30 Under 30” list, would have earned $45 million from the fraud.

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