NEW YORK – A prominent executive from a startup that streamlined financial aid applications for college students has been sentenced to more than five years in prison. The sentence was handed down on Wednesday for his role in defrauding JPMorgan Chase during a $175 million acquisition of the company four years prior.

The sentencing of Olivier Amar in the Manhattan federal court follows the previous month’s sentencing of Charlie Javice, the founder of the startup, Frank, who received a seven-year prison term.

Judge Alvin K. Hellerstein sentenced Amar to five years and eight months, emphasizing Amar’s deep involvement in the fraudulent scheme. Amar participated in creating fake documents that exaggerated the company’s customer base, claiming it had over 4 million users, while in reality, it had fewer than 400,000.

“While you weren’t the mastermind or the one making most of the false claims, your role was crucial,” Judge Hellerstein remarked.

Their conviction came in March after a jury found them guilty of fabricating records to persuade the bank that Frank boasted millions of users. During the trial, testimony from bank employees highlighted the significance of the customer numbers, as JPMorgan Chase had intended for these customers to transition to its financial services.

Before the sentence was announced, Amar got choked up as he spoke about the harm the scandal had caused his family, saying it was pain “that will haunt me forever.”

He said he was “deeply saddened” that the company created to make it easier for students to apply for and obtain financial aid was no longer operating, especially since it helped students get to college and stay there.

“I’m heartbroken by the suffering caused in the aftermath of Frank’s downfall,” Amar said.

Besides the prison sentence, the judge also ordered Amar to pay $223 million in restitution. That number includes $54 million in legal fees that prosecutors said the bank was contractually required to pay on Amar’s behalf because he and Javice worked for the company after the acquisition occurred.