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Frank Co-Founders Sentenced for JPMorgan Fraud Scheme

11/6/2025

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Summary

Story summary

Olivier Amar, former executive at the college financial aid startup Frank, was sentenced to 68 months for defrauding JPMorgan Chase.
The acquisition involved fabricated customer data, according to Judge Alvin Hellerstein.
Charlie Javice, Amar's co-founder, received an 85-month sentence in September and plans to appeal.
JPMorgan Chase's chief executive called the acquisition a huge mistake and seeks to end covering the defendants' legal fees.

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Story summary

Olivier Amar, former executive at the college financial aid startup Frank, was sentenced to 68 months for defrauding JPMorgan Chase.
The acquisition involved fabricated customer data, according to Judge Alvin Hellerstein.
Charlie Javice, Amar's co-founder, received an 85-month sentence in September and plans to appeal.
JPMorgan Chase's chief executive called the acquisition a huge mistake and seeks to end covering the defendants' legal fees.