Charlie Javice co-defendant Olivier Amar sentenced to over 5 years in prison for defrauding JPMorgan

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Former Finance Executive Sentenced to Prison for Role in College Financial Aid Fraud

A former finance executive, Olivier Amar, has been sentenced to 68 months in prison for his involvement in a scheme that defrauded JPMorgan Chase into purchasing the college financial aid startup, Frank, for $175 million. Amar, who served as Frank’s chief growth officer, received his sentence from US District Judge Alvin Hellerstein in Manhattan.

Charlie Javice, the founder of Frank, was previously sentenced to 85 months in prison on similar charges and is expected to appeal her conviction.

Olivier Amar, shown in March, was sentenced to 68 months in prison for his role in helping Charlie Javice defraud JPMorgan Chase into buying the college financial aid startup Frank for $175 million

Prosecutors revealed that Amar and Javice fabricated a customer list to deceive JPMorgan into believing that Frank had millions of customers when in reality, it only had a fraction of that number. Both defendants were convicted of bank fraud, securities fraud, wire fraud, and conspiracy to defraud.

Despite requests for comment, lawyers for Amar did not respond immediately. Amar, a Montreal native, faces deportation following his sentence.

JPMorgan CEO Jamie Dimon admitted that acquiring Frank was a “huge mistake” and the bank is seeking to cease its obligation to cover the legal expenses of Javice and Amar, which have amounted to $115 million.