A four-count grand jury indictment made public on Thursday in Manhattan federal court charges Javice with securities fraud, wire fraud, bank fraud and conspiracy. Prosecutors said Javice repeatedly lied about her company to JPMorgan, including by claiming Frank had lined up 4.25 million student customers though the number was closer to 300,000. In connection with that, prosecutors were granted more time to have Javice indicted by a grand jury. JPMorgan separately sued Javice and former Frank chief growth officer Olivier Amar in December in Delaware federal court for fraud, saying they inflated Frank's customer base to induce the bank's purchase. Javice countersued JPMorgan, saying it owes millions of dollars after firing her "without valid cause" in November.

Source: Forbes May 18, 2023 20:26 UTC