US Judge Criticizes JP Morgan Bankers in Javice Case

A Manhattan judge sentenced fintech founder Charlie Javice to seven years in prison and ordered her to pay $287.5 million in restitution for defrauding JP Morgan Chase during the 2021 sale of her startup, Frank, which falsely claimed access to a database of 4 million college students. Judge Hellerstein criticized the bank’s due diligence, stating that fraud is fraud regardless of the victim’s intelligence.

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