NEW YORK, March 28 (Reuters) - Entrepreneur Charlie

Javice was convicted on Friday of defrauding JPMorgan Chase ( JPM )

into buying her college financial aid startup Frank for

$175 million in July 2021.

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

growth officer, were each convicted on all four counts they

faced: securities fraud, wire fraud, bank fraud and conspiracy.

The verdict followed a five-week trial in Manhattan federal

court before U.S. District Judge Alvin Hellerstein.

Javice showed no emotion as the verdict was read.

The judge scheduled Amar's sentencing for July 23 and Javice's

for August 26. They each could face decades in prison, though

Hellerstein has broad discretion in determining their

punishment.

Javice studied at the University of Pennsylvania's Wharton

School and founded Frank in 2017.

She appeared on Forbes magazine's "30 Under 30" list in 2019,

drawing media praise for simplifying college financial aid for

students and parents.

But JPMorgan ( JPM ) sued her in December 2022, saying she lied about

Frank's customer base. The Manhattan U.S. Attorney's office

brought criminal charges four months later.

Prosecutors accused Javice of falsely assuring the largest U.S.

bank that Frank had 4.25 million customers, not the 300,000 it

actually had.

JPMorgan ( JPM ) discovered the inflated number when it tried to

contact customers it believed were real to sell products, and

received far fewer responses than expected, prosecutors said.

Jamie Dimon, the bank's longtime chief executive, has called

the Frank acquisition a "huge mistake."

A spokesperson for the bank declined to comment on the verdict.

Javice, now a Florida resident, and Amar pleaded not guilty.

Neither testified at the trial.

Jose Baez, a lawyer for Javice, had told jurors that JPMorgan ( JPM )

performed extensive due diligence and knew how many clients

Frank had before completing the purchase, but complained due to

"buyer's remorse."

Baez said JPMorgan ( JPM ) claimed it was hoodwinked only when the

bank wanted to get out of its contract with Frank because

financial aid regulations changed, and that fraud was the only

condition that allowed it to back out.

In her opening statement, prosecutor Rushmi Bhaskaran said

Amar bought "sham lists" of student data from third parties,

which he and Javice could pass off as customers to JPMorgan ( JPM ).

"It was through their lies that they became

multimillionaires," Bhaskaran said.