Charlie Javice co-defendant Olivier Amar sentenced to over 5 years in prison for defrauding JPMorgan

Olivier Amar, a former executive at the college financial aid startup Frank, has been sentenced to 68 months in prison for his role in defrauding JPMorgan Chase. Amar, who served as Frank's chief growth officer, was convicted of helping founder Charlie Javice mislead JPMorgan into purchasing Frank for $175 million. Prosecutors alleged that Amar and Javice fabricated customer data to inflate the company's user base. They presented JPMorgan with a fake customer list, purportedly containing 4.25 million customers, when Frank actually had only around 300,000. This misrepresentation was crucial in convincing JPMorgan of Frank's value. Both Amar and Javice were found guilty of multiple charges, including bank fraud, securities fraud, wire fraud, and conspiracy to defraud. Javice herself received a sentence of 85 m... download the app to read more