French national, Charlie Javice who is the founder and former CEO of Frank, a student financial aid application assistance company, has been arrested. She was charged with conspiracy to commit bank and wire fraud, wire fraud affecting a financial institution, and bank fraud, after she sold the company to JP Morgan Chase for $175 million.
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According to the prosecutor, Javice faces decades in prison, after being released on a $2 million personal recognition bond.
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U.S. Attorney Damian Williams issued a strong warning after the arrest.
“Janice engaged in a brazen scheme to fraud JMPC in the course of $175 million acquisition deal and lied directly to JMPC and fabricated data to support those lies – all in order to make over $45 million from the sale of her company. This arrest should warn entrepreneurs who lie to advance their businesses that lies will catch up to them, and this Office will hold them accountable for putting their greed above the law,” he said in a statement.
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