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Javice convicted of $175 million fraud

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Prosecutors call Javice's conduct audacious

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Javice says she has taken 'full responsibility'

By Jonathan Stempel

NEW YORK, Sept 16 (Reuters) -

Charlie Javice, the entrepreneur convicted for defrauding

JPMorgan Chase ( JPM ) into buying her college financial aid

startup Frank for $175 million, should spend 12 years in prison

for her crimes, U.S. prosecutors said.

In a filing late Monday night in Manhattan federal court,

prosecutors said Javice's fraud reflected "her personal greed

and ambition," involving sustained deception, obstruction and

other hallmarks of the most serious white-collar crimes.

They also said the 33-year-old Javice has "utterly failed

to grapple with her brazen conduct," having waited until

September 12 to assume what she called "full responsibility" in

a letter seeking leniency from the judge who will sentence her.

"Javice led an audacious and multifaceted criminal scheme

built on sustained deceptive conduct," prosecutors said. "A

sentence of time served or anything close to it, which appears

to be what Javice seeks, would be woefully inadequate."

Lawyers for Javice did not immediately respond to requests

for comment outside business hours.

Jurors

convicted

Javice in March on all four counts she faced: bank fraud,

securities fraud, wire fraud and conspiracy.

Her sentencing is scheduled for September 29. Prosecutors

also want Javice to forfeit $29.7 million and pay $300.9 million

in restitution, including for JPMorgan's ( JPM ) legal fees.

Javice founded Frank in 2017, and won praise for

simplifying college financial aid for students and parents.

She became a rising star in finance, and appeared on Forbes

magazine's "30 Under 30" list in 2019.

'LAPSE OF JUDGMENT," JAVICE'S LAWYERS SAY

JPMorgan ( JPM ) bought Frank in September 2021, but found itself

unable to email much of Javice's claimed customer base, and

concluded she faked her customer list.

Prosecutors said Javice claimed to have 4.25 million customers,

but the real number was closer to 300,000. JPMorgan ( JPM ) Chief

Executive Jamie Dimon called buying Frank a "huge mistake."

A 12-year sentence is shorter than the minimum 22 years

recommended under federal guidelines, prosecutors said.

In a September 8 filing, Javice's lawyers requested a

significantly shorter sentence, calling Javice's "lapse of

judgment" an aberration in an otherwise law-abiding life.

They also downplayed her crimes, saying the impact on

JPMorgan ( JPM ) was "not consequential" given the bank's size.

In her letter to U.S. District Judge Alvin Hellerstein, who

will sentence her, Javice said: "I accept the jury's verdict and

take full responsibility for my actions. There are no excuses,

only regret - I am truly sorry."

Javice's co-defendant Olivier Amar, who was Frank's chief

growth officer, was convicted on the same counts as hers. His

sentencing is scheduled for October 20.

The case is US v Javice et al, U.S. District Court, Southern

District of New York, No. 23-cr-00251.

(Reporting by Jonathan Stempel in New York; Editing by Richard

Chang and Chizu Nomiyama )