Charlie Javice sentencing fraud JP morgan.

A top executive at a startup company that helped college students apply for financial aid has been sentenced to over five years in prison for cheating JPMorgan Chase in a $175 million buyout four years ago. The sentencing of Olivier Amar on Wednesday came a month after Charlie Javice, the founder of the startup known as Frank, was sentenced to seven years in prison. Prosecutors say Javice and Amar duped one of the world’s largest banks into thinking Frank had over 4 million customers when it had fewer than 400,000. The acquisition of Frank occurred in 2021.

The 33-year-old founder of the startup student financial aid company Frank has been sentenced to more than seven years in prison. Charlie Javice was sentenced Monday in Manhattan federal court after her March conviction by a jury on fraud charges. Prosecutors say Javice duped JPMorgan Chase into buying her fledgling company for $175 million by submitting false records that made it seem that Frank had 4 million customers. It actually only served as few as 300,000 students. The jury rejected her defense that JPMorgan made up the fraud allegations because it had buyer’s remorse.