Charlie Javice, founder of fintech startup Frank, was sentenced to 7 years and 1 month in prison for defrauding JPMorgan Chase by inflating her company’s customer numbers before its $175 million acquisition in 2021.
Javice and her chief growth officer were convicted on fraud and conspiracy charges after a jury found that she had created millions of fake accounts to misrepresent Frank’s reach.
In addition to prison, she was ordered to pay $287 million in restitution, $22.36 million in forfeiture, and serve three years of supervised release, CNBC has reported.
Javice expressed remorse in court and will remain free on bail while appealing the sentence.
