An entrepreneur, found guilty of defrauding JPMorgan Chase of $175 million, has set her sights on receiving a presidential pardon. This individual, Charlie Javice, was convicted of deceiving the bank and its CEO, Jamie Dimon, who is known for his critical stance on Trump.
Javice and her associates are actively seeking backing from the Trump administration in hopes of securing a pardon. This comes as the White House is contemplating the issuance of 250 pardons in celebration of the country’s 250th anniversary this summer, according to a report from the Wall Street Journal.
Currently, Javice’s request hasn’t been included in the formal list submitted to the Justice Department for consideration. However, White House sources have indicated that the final decision rests with the president regarding who receives pardons.
In the meantime, Javice is embroiled in a civil case with the Securities and Exchange Commission and is also locked in a dispute with JPMorgan Chase over what the bank claims are exorbitant legal fees amounting to $74 million. These expenses allegedly included unconventional costs like $530 for gummy bears.
Javice’s pursuit of a pardon comes merely a year after her conviction in federal court for the fraud that not only embarrassed JPMorgan Chase but also its CEO, Dimon. The fallout from her actions led the bank to spend millions in legal fees after acquiring her company, Frank, for $175 million.
Javice, who made the Forbes ’30 Under 30′ list of young business luminaries in 2019, was first arrested in April 2023 on federal charges of conspiracy, bank and wire fraud connected to the student financial aid startup company.
It had promised to simplify the notoriously complicated process of filling out financial aid applications for college and graduate students.
Javice sold the company to JPMorgan Chase, the largest bank in the world, promising the institution it could have access to what she said were four million users to pitch bank accounts and credit cards to.
But after JPMorgan Chase executives tried to contact some of the customers, they learned Frank had just 300,000 users – and the rest of its client base had been fabricated by Javice, who used fake information including false phone and social security numbers.
Charlie Javice is seeking a pardon from President Donald Trump one year after being convicted of defrauding JPMorgan Chase
The White House is considering issuing 250 pardons this summer to mark the nation’s 250th birthday
At trial, Frank’s chief software engineer, Patrick Vovor, testified that Javice had asked him to generate synthetic data to support her claim over the amount of customers.
Prosecutors said that Javice and her number two at the firm, Olivier Amar, who was also convicted, told Vovor it was legal.
The duo reportedly said that they didn’t want to end up in orange prison jumpsuits, Vovor testified that he refused to help them.
Seeking to dent Vovor’s credibility, defense lawyers suggested he was resentful that Javice didn’t want to date him, which he denied.
Prosecutors said the University of Pennsylvania’s Wharton School of Business graduate ended up paying a college friend $18,000 to create millions of fake names with pedigree information.
The results were sent to JPMorgan’s third-party data provider, but testimony showed that firm never checked to ensure the people were real.Â
The bank eventually shuttered Frank, and Dimon called the acquisition a ‘huge mistake.’
Javice and Amar were ultimately convicted on counts including conspiracy, bank fraud and wire fraud charges that are each punishable by up to 30 years in prison.Â
Yet the disgraced businesswoman remained free after posting $2 million bail as she looks to start a family amid fertility issues.
JPMorgan Chase CEO Jamie Dimon, a longtime Trump critic, called the acquisition of Javice’s company, Frank, a ‘huge mistake’
JPMorgan discovered the inflated number when it tried to contact Frank customers it believed was real. (Pictured: A snip from the company’s website)Â
Javice is now trying to appeal the verdict as she also reportedly seeks the presidential pardon.
She has long claimed her prosecution was unfair, with her attorneys claiming shortly after she was arrested that the Department of Justice improperly colluded with JPMorgan Chase to bring a criminal case against her.
‘The Government has worked hand-in-glove with [JPMorgan Chase], receiving curated sets of documents, access to witnesses and suggestions as to targets for third-party subpoenas,’ attorney Alex Spiro wrote in an October 2023 memo.
‘The Government is apparently content to ignore the highly relevant and likely exculpatory materials [JP Morgan] is strategically choosing to hold back.’
During the trial last year, Javice’s lawyers also argued she was unfairly prosecuted alongside Amar.
They claimed the double trial led each executive to produce more damaging claims about the other, thus prejudicing the jury against the defendants.
Despite her conviction, Javice has maintained relationships with some influential people, including Apollo Group Management CEO Marc Rowan (pictured), who is close with the Trump administration
Despite her conviction, Javice has maintained relationships with some influential people, including Apollo Group Management CEO Marc Rowan, who is close with the Trump administration and was recently named to its Board of Peace to rebuild Gaza.
Rowan was an investor in Javice’s company, and was one of only a few witnesses to testify in her defense at trial. He had even written to Judge Alvin Hellerstein ahead of her sentencing to urge leniency, arguing she still had much to contribute to society.Â
But Rowan has also faced his own legal issues.
JPMorgan Chase sued a trust he controlled earlier this year in an effort to recoup some of the money he earned in the Frank deal.
The lawsuit claimed Rowan and other investors in the company refused to give the bank back the money they earned after Javice’s criminal conviction. The trust and JPMorgan Chase have since resolved the lawsuit without disclosing the terms of the agreement.
The Daily Mail has reached out to the White House and JPMorgan Chase for comment.Â