Another Frank financial aid executive implicated in JPMorgan fraud case

Olivier Amar, former executive at college aid startup Frank, has been indicted on charges of wire fraud, bank fraud, securities fraud, and conspiracy, in connection with defrauding JPMorgan Chase into buying the company for $175 million. Amar is the second Frank employee to be charged, following founder Charlie Javice. Both have pleaded not guilty. The Securities and Exchange Commission has also added Amar as a defendant in its civil suit against Javice. The alleged scheme involved fabricating user data and misleading JPMorgan about the company's size. JPMorgan shut down Frank in January.