Woman Who Defrauded JPMorgan Chase for $175,000,000 Deserves 12 Years in Prison, According to Federal Courts: Report

The US government is reportedly saying that a woman who defrauded JPMorgan Chase out of hundreds of millions of dollars deserves 12 years behind bars.

According to a new report by Reuters, U.S. prosecutors say that 33-year-old Charlie Javice – who tricked the banking giant into purchasing her college startup firm for a staggering $175 million – should be imprisoned for 12 years.

Javice was convicted earlier this year in March by a jury of bank fraud, wire fraud, conspiracy, and securities fraud for selling her financial aid company, Frank, which was founded in 2016, to JPMorgan after tricking the firm into thinking it had over 4 million customers when in reality it only had about 300,000.

Previous reports indicate that Javice paid one of her friends $18,000 to fabricate the data that would convince the institution to invest.

Prosecutors said that Javice’s plea for leniency would be inadequate if granted by the judge. As stated by the prosecution, according to Reuters,

“Javice led an audacious and multifaceted criminal scheme built on sustained deceptive conduct. A sentence of time served or anything close to it, which appears to be what Javice seeks, would be woefully inadequate.”

In a letter addressed to the judge in an attempt to obtain a shorter sentence, which is recommended at 22 years, Javice stated that she accepts the jury’s verdict and takes full responsibility for her actions.

She is scheduled to be sentenced on September 29th, while her co-defendant is scheduled to be sentenced on October 20th, according to the report.

 

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