Key executive convicted of defrauding JPMorgan Chase is sentenced to over 5 years in prison

Core Points - A top executive at the startup Frank, which facilitated financial aid applications for college students, was sentenced to over five years in prison for defrauding JPMorgan Chase during a $175 million acquisition [1][2] - The founder of Frank, Charlie Javice, received a seven-year prison sentence for her role in the fraud [1] - The fraud involved presenting false documents to JPMorgan Chase, claiming the company had over 4 million customers, while the actual number was fewer than 400,000 [2][3] Legal Proceedings - Olivier Amar was sentenced to five years and eight months in prison, with the judge noting his significant involvement in the fraud [2] - A jury convicted both Amar and Javice in March for submitting fake records to the bank during the acquisition negotiations in summer 2021 [3] Financial Impact - In addition to the prison sentence, Amar was ordered to pay $223 million in restitution, which includes $54 million in legal fees that JPMorgan Chase was contractually obligated to cover on his behalf [5]