Founder of student aid startup Frank pleads not guilty to fraud

Published May 22, 2023 1:33 PM

By LARRY NEUMEISTER
Associated Press

NEW YORK (AP) — The fraud case against the founder of a student loan assistance startup company that J.P. Morgan Chase acquired for $175 million has taken a step toward trial with an arraignment on an indictment returned in a New York court. Charlie Javice pleaded not guilty on Monday to an indictment returned late last week in Manhattan federal court. The 31-year-old Miami Beach, Florida, resident entered the plea through her lawyer during a remote proceeding. Javice is charged with tricking J.P. Morgan Chase into buying her company, Frank, by producing data to make it seem like Frank had over 4.25 million customers when it had fewer than 300,000 clients.

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