US reveals fraud case against CEO of startup bought by JPMorgan Chase

US officials unveiled criminal charges Tuesday against the head of a startup who allegedly defrauded JPMorgan Chase in the course of a $175 million sale to the banking giant.

Charlie Javice, 31, was scheduled to be arraigned Tuesday in US magistrate court following her arrest Monday night, according to a Department of Justice news release.

Once a high-flyer named as part of the Forbes “30 Under 30” list, Javice touted her Frank online platform as a way to simplify the complicated process of filling out the US application for financial aid

During talks with JPMorgan and another major bank that did not pursue an acquisition, Javice “repeatedly” represented that Frank had 4.25 million users.

In fact, the platform had fewer than 300,000, according to US charges unsealed Tuesday.

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