Startup founder, Charlie Javice, has been sentenced to 85 months of jail for defrauding JPMorgan Chase & Co. in its $175 million acquisition of her student-finance startup named “Frank.”, reported the news agency Bloomberg on Tuesday, 30 September 2025.

At a Manhattan federal court on Monday, the US District Judge Alvin Hellerstein directed the 85 months or 7 years and 1 month sentence to Charlie Javice, accounting for her testimony concerning good character, even though the prosecutors asked for a 12-year jail sentence.

“You’re a good person,” Hellerstein told Javice, reported the news agency. “You’ve done a bad thing, and I have to punish you.” In addition to prison time, the judge ordered Javice to forfeit $22.4 million and to pay $287.5 million in restitution to JPMorgan .

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