"Federal prosecutors want Charlie Javice to spend 12 years in prison, calling her fraud against JPMorgan Chase "audacious" and her eve-of-sentencing apology "hollow." In efforts to get the largest US bank to pay $175 million for Javice's student financial aid startup, Frank, the founder "led an audacious and multifaceted criminal scheme built on sustained deceptive conduct," prosecutors told her Manhattan judge in a letter made public late Monday."
"The fallen fintech phenom was convicted of using fake spreadsheets to convince JPMorgan Chase that Frank had contact information and financial data for more than 4 million students. In reality, it only had data for 300,000 students, thwarting JPMorgan's plans to market checking accounts, credit cards, and other banking products to millions of young people at the start of their financial journeys. "Only on the eve of her sentencing does Javice now claim that she accepts responsibility," they wrote."
Federal prosecutors recommended a 12-year prison term for Charlie Javice for defrauding JPMorgan Chase. Prosecutors described the scheme as audacious and multifaceted, saying Javice used sustained deceptive conduct to persuade the bank to pay $175 million for Frank. Javice was convicted of using fake spreadsheets to claim Frank had contact and financial data for more than 4 million students when it actually had about 300,000. That misrepresentation undermined JPMorgan's plans to market banking products to millions of young customers. A jury found Javice guilty in March, and sentencing is scheduled for September 29. Defense lawyers asked for no prison time, citing character letters and charitable motivations.
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