Frank Founder Javice Released on Bail in Alleged JPMorgan Scam

Frank founder Charlie Javice was released on a $2 million bond after being charged with defrauding JPMorgan Chase & Co.in its $175 million acquisition of the college financial-planning site by vastly inflating the number of its users.

Javice, 31, “engaged in a brazen scheme to defraud” JPMorgan, Manhattan US Attorney Damian Williams said in a statement Tuesday. “She lied directly to JPMC and fabricated data to support those lies — all in order to make over $45 million from the sale of her company.”

The criminal charges include conspiracy, wire fraud affecting a financial institution and bank fraud, each ...