Charlie Javice has been fooling the world for years, long before founding Frank or allegedly defrauding JP Morgan. Here's why they bought it.
and Wall Street Journal. She'd been featured on Forbes's 30 Under 30 list and hailed by Wharton Business School as"the voice of a microfinance generation."
Although she positioned herself as an innovator with groundbreaking solutions to student loans and solving global poverty, Javice's greatest talent may have been in leveraging elite institutions and national news outlets to gain an ever-growing platform. As Javice accumulated accolades and media appearances, no one — including Insider — seemed to question the fundamental claims of her businesses until the day JPMorgan alleged the numbers simply didn't add up.
Now JPMorgan is alleging that Javice was involved in what would be the largest exaggeration of all. By the start of 2021, Frank was claiming to have 4.25 million users, according to JPMorgan's suit. In reality, it never had more than around 250,000, the bank claims. But Frank didn't have any kind of magic formula to double the amount of aid students were receiving, student-aid expert Mark Kantrowitz told Insider. All Frank was doing was making it simpler to fill out standard federal financial aid paperwork, a form called the FAFSA.
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