The founder of the student loan assistance startup company Frank that J.P. Morgan Chase acquired for $175 million was arrested in New Jersey.
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.
She also agreed not to contact key figures in the case — including investors — except for her mother and her mother's boyfriend., U.S. Attorney Damian Williams said Javice "engaged in a brazen scheme" to defraud the acquiring financial company by fabricating data to support lies she told in a bid to make tens of millions of dollars from the sale of her company.
In 2021, Javice sought to sell her company in her role as its chief executive to a large financial institution, the complaint said.
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