Frank College Aid Startup Executives Plead Not Guilty to JPMorgan Fraud Charges

The founder and a former executive of college financial aid startup Frank have pleaded not guilty to charges of defrauding JPMorgan Chase. Charlie Javice and Olivier Amar entered their pleas before a U.S. District Judge in Manhattan. Prosecutors allege that Javice lied to JPMorgan about the number of student customers Frank had, while Amar purchased fake lists of college students' data. JPMorgan discovered the fraud after finding that marketing materials sent to supposed customers had low delivery and open rates. The bank shut down Frank and CEO Jamie Dimon called the acquisition a "huge mistake." Javice has also filed counterclaims against JPMorgan in a separate case.