Charlie Javice, founder of the student loan assistance startup company Frank, has been charged with fraud by the Department of Justice. Javice allegedly inflated the number of customers Frank had to convince JPMorgan Chase to acquire the company for $175 million in 2021. In reality, Frank had fewer than 300,000 customers, but Javice claimed they had over four million users. Federal prosecutors have charged Javice on several counts of fraud, which carry maximum sentences ranging from 20 to 30 years in prison. Prosecutors say Javice engaged in a "brazen scheme" to defraud JPMorgan Chase and fabricate data to support lies that were told to make tens of millions of dollars from the sale of her company. Javice has been released on a $2 million bond, and she denies the allegations, citing reputational harm. JPMorgan Chase suspended Frank earlier this year, filed a lawsuit against Javice and another executive, and subsequently shut down the company after realizing that most of the people on its user list were fake.