Feds demand 12-year prison sentence for Charlie Javice after defrauding JPMorgan | Latest Tech News
Federal prosecutors are demanding a 12-year prison sentence for Charlie Javice, the once-celebrated fintech entrepreneur who was convicted of defrauding JPMorgan Chase out of $175 million.
In a blistering submitting late Monday, prosecutors called Javice’s scheme “audacious” and blasted her last-minute apology as “hollow.”
“Only on the eve of her sentencing does Javice now claim that she accepts responsibility,” federal prosecutors wrote in a sentencing memorandum that was filed late Monday. The memo was first reported by Business Insider.
Federal prosecutors are demanding a 12-year prison sentence for Charlie Javice. Alec Tabak
Prosecutors reacted to Javice’s letter from last week asking US District Judge Alvin Ok. Hellerstein to spare her of prison time.
Javice wrote in the letter that she takes “full responsibility” while invoking her grandmother, a Holocaust survivor.
She also cited her age and the affect a prison sentence may have on her means to sooner or later have a household and bear youngsters.
“Only on the eve of her sentencing does Javice now claim that she accepts responsibility,” according to prosecutors. “Her self-serving assertions ring hollow when measured against her conduct.”
Javice, 34, was convicted in March of orchestrating a large fraud to trick JPMorgan into paying $175 million for her school financial-aid platform, Frank.
Prosecutors said Javice created pretend spreadsheets that claimed to show the company had personal and financial data for more than 4 million college students — when, in actuality, the database had data about just 300,000 college students.
Javice “led an audacious and multifaceted criminal scheme built on sustained deceptive conduct” that lasted a period of more than two years, according to prosecutors.
In its submitting on Monday, the federal government pegged JPMorgan’s whole loss at more than $300 million, including the $175 million buy price, salaries, retention funds, indemnified legal charges and curiosity .
“Javice’s conduct was not a one-time ‘lapse of judgment’ during period of high stress, as she claims,” federal prosecutors wrote.
“To the contrary, the defendants’ fraud scheme was well planned, highly orchestrated, and persistent.”
Federal prosecutors slammed Javice for a fraud that was “borne of her personal greed and ambition.”
“Indeed, having been educated at an elite New York school and an Ivy League college, Javice had many choices in life,” federal prosecutors wrote.
“When it came to selling her company, however, she chose to lie and to commit fraud from the beginning through to the end.”
Javice “led an audacious and multifaceted criminal scheme built on sustained deceptive conduct” that lasted a period of more than two years, according to prosecutors. Alec Tabak
Javice, a native of White Plains, NY, in Westchester County, attended the French-American School of New York, a bilingual and worldwide college that prices an annual tuition that ranges from around $38,000 to almost $45,000.
After graduating FASNY, Javice attended Wharton School at the University of Pennsylvania, where she accomplished a bachelor’s degree in finance and legal research.
According to prosecutors, Javice’s fraud enabled her to pocket $28 million in merger proceeds and she “stood to receive nearly $50 million.”
“And while she did not immediately go out and buy a yacht, Javice’s massive haul gave her access to big-name investment funds that are unavailable to the vast majority of investors,” federal prosecutors wrote.
The feds accused Javice of making an attempt to disguise her tracks after the fraud got here to gentle.
The feds say Javice’s scheme value JPMorgan Chase as a lot as $300 million. Christopher Sadowski
When JPMorgan fired her in September 2022, she transferred funds from her checking and financial savings accounts to accounts in the names of newly established restricted legal responsibility firms, according to prosecutors.
In March 2023, Javice “moved millions of dollars to an account in the name of an LLC controlled by her boyfriend,” prosecutors wrote.
“Make no mistake, Javice was motivated by greed, and her greed continued after the fraud came to light.”
Javice’s sentencing is scheduled for Sept. 29.
The Post has sought remark from Javice. JPMorgan declined to remark.
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