US Says Javice’s Fraud on JPMorgan Deserves 12 Years in Prison

Charlie Javice, who was convicted of defrauding JPMorgan Chase & Co. into acquiring her student-finance startup, deserves 12 years in prison, US prosecutors told a judge.

In a court filing late Monday, the government said Javice “committed a brazen fraud to pocket nearly $50 million for herself by claiming her company had as customers millions of people who did not actually exist.”

“A substantial sentence, in line with those in other significant fraud cases, will provide just punishment and serve the purposes of specific and general deterrence, particularly in the startup sector,” prosecutors wrote to US District Judge Alvin ...