EXCLUSIVE: J.P. Morgan Ordered to Pay $115Million in Legal Fees for Young CEO Charlie Javice After Twisted $175Million Startup Scam — 'They Acquired a Crime Scene'
J.P. Morgan is being forced to pay $115 million in legal fees for Charlie Javice after her $175 million startup scam.
Nov. 17 2025, Published 8:00 a.m. ET
Banking behemoth JPMorgan Chase is being forced to foot the phenomenal $115 million legal bill for Charlie Javice – and her co-conspirator Olivier Amar – after the pair were convicted of orchestrating a $175 million swindle against the business, RadarOnline.com can reveal.
Javice and Amar were found guilty in March of conspiracy, wire fraud, bank fraud and securities fraud.
The Shocking Scam
Charlie Javice was sentenced to 85 months in prison for defrauding JPMorgan through her startup, Frank.
Javice, founder of Frank, was accused of inflating the startup's user numbers to "fraudulently induce" JPMorgan to purchase it in 2021 for the massive amount of moolah – and was recently ordered to serve 85 months in the slammer for the crime, according to the U.S. Attorney's Office for the Southern District of New York.
Lawmen said the greedy gal claimed Frank – which she launched in 2017 to help simplify the process of filling out applications for federal financial aid for college and graduate school – had 4.25 million customers, when it had approximately 300,000.
Investigators also say when JPMorgan sought to verify Frank's customer count and acquired info, Javice and Amar, Frank's soon-to-be sentenced chief growth officer, fabricated a data set to artificially boost its user numbers.
'Acquired A Crime Scene'
Assistant U.S. Attorney Micah F. Fergeson said JPMorgan 'acquired a crime scene' in its $175 million Frank deal.
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After the deal was completed, JPMorgan uncovered the alleged deception – but is contractually on the hook for Javice and Amar's defense costs as specified in the Frank merger agreement.
Javice reportedly received more than $21 million for selling her personal stake in Frank, prosecutors said. But in addition to being hit with prison time, she's also required to forfeit more than $22 million.
Assistant U.S. Attorney Micah F. Fergeson said of JPMorgan's purchase: "They acquired a crime scene."
At her sentencing, Javice tearfully told the court she "made a choice that I will spend my entire life regretting."
Javice and Amar are expected to appeal their convictions – and her attorneys say they anticipate JPMorgan will continue picking up their tab.
