Frank Founder Charlie Javice Has Been Hit With Fraud Charges — Let’s Look at Her Net Worth
Charlie Javice claims JP Morgan "grossly mismanaged its investment from the start."
Published Dec. 31 2024, 12:08 p.m. ET
Entrepreneur Charlie Javice is definitely a motivated go-getter. She grew up in the affluent county of Westchester in New York, the daughter of a hedge fund manager and a former teacher-turned-life coach. In 2013 at the age of 20, Javice graduated from the prestigious Wharton School of the University of Pennsylvania after only three years. She walked away with a bachelor's degree in finance and legal studies, per The Daily Pennsylvanian.
A few years after graduating, Javice founded a startup company called Frank which was devoted to helping student borrowers obtain loans and financial aid. After she sold Frank to JP Morgan, Javice could have lived a life of luxury with seemingly very few obstacles standing in her way. Instead, she was accused of fraud in 2023. What goes up must come down, and that probably includes her net worth. Let's take a look.
Charlie Javice's net worth was once in the hundreds of millions.
Javice's net worth is a bit of a sticky wicket. JP Morgan acquired Frank in 2021 for a whopping $175 million. At the time, Javice claimed that more than four million people were actively using Frank. According to Forbes, that number was closer to 300,000. This sale reportedly got Javice herself $28 million, says Yahoo! Finance, but after JP Morgan sued her for fraud federal prosecutors blocked Javice from accessing the payout from the sale.
Charlie Javice
Startup Founder
Net worth: $28 million
Charlie Javice is the founder of Frank, a startup created to help student loan borrowers obtain financial assistance. She sold her company to JP Morgan for $178 million, $28 million of which was going to her directly. She has since been accused of fraud and has subsequently been indicted.
Birth date: March 14, 1993
Birthplace: Westchester County, N.Y.
Birth name: Charlie Javice
Father: Didier Javice
Mother: Natalie Rosin
Education: Wharton School of the University of Pennsylvania, Bachelor's degree in finance and legal studies
The sale closed in September 2021, after which Javice divided $21.4 million into three separate trust accounts at JP Morgan. Javice was also appointed managing director at JPMorgan, where she oversaw student-focused products at Chase. When they got wind of the alleged fraud, she was suspended from JP Morgan in September 2022. The startup founder then moved a great deal of her money over to Signature Bank.
Unfortunately for Javice, Signature was one of the institutions that collapsed after the infamous Silicon Valley Bank collapse. Knowing that Signature Bank was probably on the chopping block, Javice attempted to redirect her funds to "unnamed 'major domestic institutions,'" per a filing by the U.S. Attorney's Office. She was caught, and those accounts were seized.
In April 2023, Javice was arrested and charged with "falsely and dramatically inflating the number of customers of her company, Frank, in order to fraudulently induce J.P. Morgan Chase to acquire Frank for $175 million," per the United States Attorney's Office for the Southern District of New York. Her trial was initially scheduled for October 2024 but was pushed back to February 2025 after Javice retained new attorneys in August 2024.
She has been released on a $2 million bond and has relinquished her passport to the federal government. Javice is allowed to travel between New York and Florida and has a curfew of 9 p.m. The alleged fraudster has also countersued JP Morgan, claiming they "grossly mismanaged its investment from the start, and it decided it would rather walk the investment back than work on it further," said Javice in a statement.