Charlie Javice Found Guilty Of Defrauding JPMorgan Chase 

Charlie Javice was convicted on Friday of defrauding JPMorgan Chase & Co. ( JPM ) in its $175 million acquisition of the student finance startup Frank. 

According to a Bloomberg report, a Manhattan federal jury determined that the 32-year-old entrepreneur falsified user data to inflate Frank's customer base from fewer than 300,000 to over 4.25 million, misleading the bank into the acquisition.

The jury reached its decision after roughly six hours of deliberation. Javice now faces a potential maximum sentence of 30 years for bank fraud, though legal experts anticipate a lesser term. Sentencing will occur at a later date.

Read Next: Cathie Wood Doubles Down On $2,600 Tesla Stock Price Prediction

Philadelphia Man Sentenced To 15 ½ Years In Prison For Investment Fraud Scheme

Joseph LaForte, a Philadelphia businessman, was sentenced to 15 and a half years in prison on Thursday for orchestrating a massive investment fraud scheme through Par Funding while evading millions in taxes. 

As CEO of Complete Business Solutions Group (operating as Par Funding), he defrauded investors of $404 million through a racketeering conspiracy involving securities and wire fraud. The scheme promised investors returns of 12% to 44% on merchant cash advance notes while diverting funds through sham contracts.

LaForte's tax crimes included hiding $20 million in Par Funding income through shell entities, failing to report $9 million in kickbacks and paying employees under the table to avoid employment taxes which resulted in $8 million in federal tax losses. 

He also falsified residency to dodge $1.6 million in Pennsylvania state taxes. His brother James, Par Funding's “enforcer,” received an 11 and a half year sentence on March 13 for related crimes, including assaulting a court-appointed receiver's attorney.

The case was prosecuted by the U.S. Attorney's Office for the Eastern District of Pennsylvania following investigations by the IRS, FBI, and FDIC. LaForte forfeited assets including a private jet and was ordered to pay $314 million in restitution

Read Next: 

Trump Slaps 25% Tariffs On Autos: What It Means For Your Next Car Purchase 

Image: Shutterstock