Charlie Javice, the founder of Frank, was found guilty of fraud after a jury determined she inflated her startup's customer base from 300,000 to 4 million to secure a $175 million acquisition by JP Morgan. Prosecutors argued that Javice fabricated customer data, even hiring a math professor to assist her. Defense claims of buyer's remorse were dismissed, and Javice did not testify. She faces significant prison time, with sentencing scheduled for August. Frank, founded in 2017, gained recognition with Javice being noted in Forbes' 30 Under 30 in 2019.
Javice allegedly hired a math professor to create fake customer data, which she submitted to JP Morgan when the bank was considering buying her company.
When JP Morgan bought Frank in 2021, the bank thought the startup had 4 million customers, but the actual count was only 300,000.
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