Choose Alvin
Hellerstein of the U.S. District Court docket for the Southern District of New York
handed down the sentence after a jury discovered Javice, 33, and her Chief Development
Officer Olivier Amar responsible in March on three fraud counts and one conspiracy
cost. Federal prosecutors had pushed for a 12-year time period.

Javice
broke down whereas addressing the court docket, telling Hellerstein she felt profound
regret and asking forgiveness from JPMorgan, her former
workers, shareholders and buyers. She turned to her household within the
courtroom’s entrance row to apologize and thank them for his or her help.

“I
will spend my whole life regretting these errors,” Javice mentioned. “I am
asking with all of my coronary heart for forgiveness. I ask your Honor to mood justice
with mercy … I’ll settle for your judgment with dignity and humility.”

Hellerstein
acknowledged her phrases had been shifting and praised her life’s work as commendable,
however mentioned he could not grant the forgiveness she sought. He sentenced her not
as a result of she’s a nasty individual, however as a result of deterrence issues.

“I
do not suppose you will be committing different crimes and that you will be devoting your
life to service, however others need to be deterred,” the decide advised Javice.

Charlie Javice sobs in court docket as she’s sentenced to 7 years in jail for swindling JPMorgan out of $175 million: ‘I’m now not a supply of satisfaction for my household’ https://t.co/mb1fy0m7qS pic.twitter.com/hMSJMYYrNy

— New York Submit (@nypost) September 29, 2025

Faux Accounts Masked Tiny
Consumer Base

JPMorgan
purchased Frank in September 2021 to succeed in faculty college students with banking merchandise.
The financial institution advised CNBC on the time that the platform had served greater than 5
million college students since Javice based it.

That quantity
was fiction. JPMorgan discovered months after closing the deal that Frank had
fewer than 300,000 precise prospects. Javice created the remainder utilizing artificial
identities with assist from a knowledge scientist, in accordance with court docket data.

The fraud
unfolded within the week earlier than the sale. Javice directed an worker to manufacture
tens of millions of customers. When the worker refused, she tried to reassure him.

“She
mentioned: ‘Don’t be concerned. I do not need to find yourself in an orange jumpsuit,'” the
worker testified earlier this yr.

$287 Million Tab for
Failed Deal

Moreover
jail, Hellerstein ordered Javice to serve three years of supervised launch,
forfeit $22.36 million and pay JPMorgan $287 million in restitution. She’ll
keep out on bail whereas interesting.

Her
lawyer Ronald Sullivan argued for leniency, mentioning that Frank really
helped some prospects and contrasting the case with Elizabeth Holmes’s Theranos
fraud, which had “harmful medical penalties.” Holmes acquired 135
months.

“Ms.
Javice’s sentence needs to be nowhere close to Elizabeth Holmes,'” Sullivan advised
the decide.

Assistant
U.S. Lawyer Micah Fergenson disagreed, calling Javice’s crime greed-driven.

“JPMorgan
did not get a functioning enterprise, they acquired a criminal offense scene,” Fergenson
mentioned.

Financial institution’s Shopping for Spree
Backfires

The episode
embarrassed JPMorgan, thought of among the many most refined company consumers.
CEO Jamie Dimon
had launched an acquisition
Acquisition

Acquisition means buying or taking possession or the securing of property, providers, or skills. To place it merely, it’s the act or strategy of buying or gaining. You possibly can purchase a murals, you possibly can purchase a capability corresponding to talking one other language, you possibly can purchase a enterprise or shares in an organization and you may purchase an accountant’s service. For instance, you possibly can purchase a brand new automobile. In a broad sense, Acquisition can imply the act of taking possession or possession of one thing. There

Acquisition means buying or taking possession or the securing of property, providers, or skills. To place it merely, it’s the act or strategy of buying or gaining. You possibly can purchase a murals, you possibly can purchase a capability corresponding to talking one other language, you possibly can purchase a enterprise or shares in an organization and you may purchase an accountant’s service. For instance, you possibly can purchase a brand new automobile. In a broad sense, Acquisition can imply the act of taking possession or possession of one thing. There
Learn this Time period push beginning in 2020, snapping up fintech
corporations to counter threats from tech giants and upstart opponents.