The 31-year-old Charlie Javice was arrested in New Jersey on fraud charges on Monday in Florida. Javice has been accused of wire and bank fraud charges.
Adi Omesy, the co-founder of Frank, a student financial aid application assistance company, earlier sued Charlie Javice over wage theft in 2018.
Additionally, the United States Department of Education accused Frank of misleading customers into believing that it was affiliated with the U.S. government.
However, before we dive too far into the net worth of the Entrepreneur, it’s important to briefly touch on some of the key points. For example, let’s discuss the early life of the former CEO of Frank.
Charlie Javice Early Life
Charlie Javice was born and raised in Westchester County, New York, to Jewish parents. Her father worked at a hedge fund where as her mother served as a teacher.
She also has a younger brother named Elie Javice, who is working as Chief Digital Officer at Popeye’s Louisiana Kitchen US and Canada.
Charlie Javice attended a private elementary school. After completion, she attended the Wharton School at the University of Pennsylvania.
During her freshman year, she founded PoverUp, an online platform for students to learn about microfinance clubs and other low-cost financial services that are available to students.
She rose to fame with the success of PoverUp and attracted interviews for the coveted Thiel Fellowship, a two-year program that helps students build a business or a project by awarding around a $100,000 stipend.
After her graduation, she began working in an ed-tech business that eventually led to the launch of Frank.
As CEO of Frank, she was alleged of multiple financial criminal charges, including embezzlement, securities fraud, and money laundering. She was also tangled in multiple controversies related to her business practices.
Charlie Javice Net Worth
Charlie Javice was enrolled in the financial business industry at a very young age. During her freshman year, she began her initial start-up, PoverUp, which became a huge success and attracted several other scholarships as well as interviews for fellowships.
According to reports, Charlie Javice has an estimated net worth of around $5 million. Her salary has not been disclosed by her or any other trusted sources. According to some sources, the New York-based entrepreneur received a thrilling bonus of around $10 million when JPMorgan acquired Frank.
Javice also bought an apartment in one of Miami Beach’s most luxurious and expensive neighborhoods for around $1.5 million.
Most of the wealth is generated as the founder of Frank as well as from other financial startups. Recently she was working as the managing director for JP Morgan Chase after selling her firm to the same.
However, it is unclear whether she still holds the post of managing director after JP Morgan was accused of fraud and fined millions of dollars.
What Are The JP Morgan Allegations Against Charlie Javice?
JP Morgan alleged that the firm was scammed into spending $175 million to purchase her educational firm, Frank. According to JP Morgan, Charlie Javice fabricated some of the data to boost the customer base into millions before selling it.
The lawsuit claims that Charlie Javice paid $18,000 to a data scientist named Oliver Amar to forge the list of clients to look profitable in the market. They allege that Javice lied about the fact that four million people actively signed up for the platform.