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Startup founder Charlie Javice arrested, charged with faking data on 4 million customers

Charlie Javice, the 31-year-old founder of now-shuttered student loan software company Frank, has been arrested by law enforcement authorities after being charged with fraud by federal prosecutors.

Javice, whom Forbes named a rising star in its "30 under 30" issue in 2019, was arrested in New Jersey on Monday, the U.S. Department of Justice announced on Tuesday. She faces three charges of fraud and one charge of conspiracy.

Javice was released on $2 million bond Tuesday, and agreed to a curfew and possible electronic monitoring if court officers decide it is necessary. She also agreed not to contact key figures in the case — including investors — except for her mother and her mother's boyfriend.

The Securities and Exchange Commission also filed a civil complaint alleging that Javice lied about having data on 4 million clients, including making up fake client information, in order to entice JPMorgan Chase to buy her company in 2021 for $175 million.

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