Frank founder Charlie Javice arrested and charged with $175M financial fraud.

Charlie Javice, former CEO of student loan startup Frank, has been arrested and charged with fraud for falsely inflating the number of customers at her company to persuade J.P. Morgan Chase to purchase it for $175 million. Javice allegedly lied directly to JPMC and fabricated data to support those lies, all in order to make over $45 million from the sale of her company. The charges carry a prison sentence of up to 30 years for each count of conspiracy to commit bank and wire fraud, bank fraud, and wire fraud, and up to 20 years for securities fraud.