Criminal Trial Against Fintech Startup Founder Charlie Javice Begins

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17 hours ago

Summary

Javice's lawyers claim JPMorgan had buyer's remorse due to a government change in financial aid forms, while JPMorgan alleges Javice helped create fake customers. The trial could result in Javice facing numerous years in prison if convicted of deception and creating fake data.

Key Points

The criminal trial against fintech startup founder Charlie Javice began on Friday with lawyers presenting opening arguments and allegations of fraud.
Javice's company, Frank, was bought by JPMorgan Chase for $175 million in 2022.
Allegations include that Javice helped create fake customers to induce the bank to buy her company.

Why It Matters

The trial highlights concerns about fintech and financial services fraud, as well as the potential consequences for individuals involved.

Author

Mary Ann Azevedo

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