Frank Founder Charlie Javice Sentenced for Jpmorgan Fraud

WTH good ranking for Forbes. How much % is fraud at Forbes?

JPMorgan was lured in by what appeared to be a database of 4 million users. In reality, that figure hovered around 300,000 users. Federal prosecutors had requested a 12-year prison sentence. Lawyers for Ms Javice, who had pleaded not guilty, had asked for just 18 months. US District Judge Alvin Hellerstein also ordered Ms Javice to forfeit more than $22m - and pay more than $287m to JPMorgan together with her co-defendant Olivier Amar, the start-up's chief growth and acquisition officer. Ms Javice, 33, made a name for herself in finance after founding Frank in 2017. The start-up was lauded for helping students navigate the college financial aid process, and Ms Javice was named on the Forbes '30 Under 30' list two years after starting the company.

Yes. Like an investment by SoftBank that's almost a kiss of death now. They even have a hall of shame.

Most of successful founders are over 40. They should probably drop the paradigm entirely and start publishing a "40 over 40" list for up and coming founders.

it has become a go to list of who to be scammers.

For the record there are several regions, most with many many categories (some rather sad ones from the NA list: "venture capital", "social media", "retail and e-commerce", and "marketing and advertising"). There were 1230 total people on the global lists this year. Of course Forbes can't really defend itself because the notion of a "twelve hundred under 30" damages the pay-to-play golden goose. I would recommend poking around the list if you ever want a mood lightener. There are a truly comical number of people whose bio reads: "co-founder (CEO is over 30) of AI powered yadada which has raised $3M from investors". I think the median 30u30 business actually has considerably less revenue than a typical convenience store.

The criteria to be on the list is having a PR team to get you on the list.

The overlap between Under 30's with a PR team dedicated to getting them "on the list" and grifters, shysters and con artists is pretty big.

$175M was the purchase price of the company.

The rest is almost certainly damages, fines and court fees.

And when will I get my flying car?

It does say that on the article but it's nice to have it here because that's what a lot of people are looking for.

THere's plenty of prosecutions and convictions for bad company owners and officers when the crime is stealing from other rich people.

For years VC’s were (well, often still may be) ‘vibe investing’. No one wanted to look, because it was a competitive disadvantage to look (deal purchase wise). And usually it wasn’t that bad.

That’s what ‘infinite money’ eventually does in an economy.

And that's exactly why they threw the book at her. It's paradoxical, all judges say they want you to come clean and show remorse. But every case I've ever seen, they always go much harder on those that admit their wrongdoings. I'm not agreeing either way, it's just an observation.

The best legal strategy is to show no remorse and to never admit any guilt even if you have been convicted.

Another interpretation is she regrets being caught and she took full responsibility of not doing a better job to covering things up.