Charlie Javice, founder of the financial aid startup Frank, has been sentenced to over seven years in prison for defrauding JPMorgan Chase of $175 million. Javice was convicted of exaggerating her company's customer base to facilitate its acquisition by the bank. Despite her defense arguing a size disparity in negotiations and JPMorgan's own due diligence failures, the judge cited Javice's fraudulent conduct. Her case has drawn parallels to that of Elizabeth Holmes, founder of Theranos, highlighting a trend of startup founders engaging in fraud.

Prepared by Emily Rhodes and reviewed by editorial team.