A federal jury found Frank founder Charlie Javice and former Frank executive Olivier Amar guilty of conspiracy, wire fraud, bank fraud and securities fraud on March 28, 2025. Javice was sentenced to 85 months in prison on September 29, 2025. Her appeal and post-trial proceedings are separate from the jury’s verdict, and the latest docket entry available here is dated May 6, 2026.
What did the jury find?
After a six-week trial, a unanimous jury in Manhattan federal court found Javice and Amar guilty on four counts: conspiracy, wire fraud, bank fraud and securities fraud. The U.S. Attorney’s Office announced the verdict on March 28, 2025. Acting U.S. Attorney Matthew Podolsky said, “Today, a unanimous jury found Charlie Javice and Olivier Amar guilty of orchestrating a brazen fraud.” The Justice Department’s verdict announcement reports the jury’s findings; it does not mean an appeal has been decided.
What did prosecutors say about Frank’s users?
The precise user figures came from the government’s complaint, not from the jury verdict announcement. In a complaint filed April 3, 2023, the Justice Department alleged that Javice represented to JPMorgan Chase that Frank had 4.25 million users, while the company had fewer than 300,000. The complaint also described the purchase of a dataset containing 4.5 million student records for $105,000. Those figures should be understood as the government’s allegations in the complaint, rather than as separate jury findings about the user count or dataset.
The case concerned JPMorgan’s 2021 pursuit and acquisition of Frank, a startup focused on student financial aid. The complaint says Javice began seeking a sale to a larger financial institution and made customer-count representations during that effort. The DOJ complaint sets out the government’s account and allegations.
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What sentence and financial orders did Javice receive?
On September 29, 2025, Javice was sentenced to 85 months in prison. The Justice Department also reported a forfeiture judgment of $22,360,977.48 and restitution of $287,501,078. The restitution order is joint and several with Amar, meaning the order applies to both defendants together rather than setting out two separate full restitution amounts. These figures and the sentence are reported in the DOJ’s sentencing announcement.
What is the status of Javice’s appeal?
The latest public docket listing available for this article records a May 6, 2026 order in Second Circuit appeal 25-2895 lifting a stay and setting July 22, 2026 as the deadline for the appellants’ brief. The listing also reports that the district court denied Javice’s Rule 33 motion for a new trial. This is a docket snapshot, not an appellate ruling affirming or reversing the conviction. Because the listing may not include later filings, check the court’s docket for current status. The public Justia docket listing contains the entries referenced here.
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Case timeline
- 2021: JPMorgan pursued and acquired Frank.
- April 3, 2023: The DOJ filed its complaint alleging that Javice had represented Frank had 4.25 million users, compared with fewer than 300,000, and describing the purchased student dataset.
- March 28, 2025: A unanimous jury found Javice and Amar guilty of conspiracy, wire fraud, bank fraud and securities fraud.
- September 29, 2025: Javice received an 85-month prison sentence, along with the reported forfeiture judgment and joint-and-several restitution order.
- May 6, 2026: The public Second Circuit docket listing recorded an order lifting the stay and setting the appellants’ brief deadline.
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