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Key executive convicted of defrauding JPMorgan Chase is sentenced to over 5 years in prison

On Wednesday, Olivier Amar was sentenced in Manhattan federal court to over five years in prison for cheating JPMorgan Chase during a $175 million acquisition, a month after Charlie Javice's seven-year sentence.
A jury convicted the pair in March of presenting fake records to convince the bank Frank had millions of users during summer of 2021 negotiations, with bank employees testifying that user count mattered.
The judge ordered Olivier Amar to pay $223 million in restitution, and prosecutors said that figure includes $54 million in legal fees the bank was contractually required to pay.
Amar became emotional, saying the scandal harmed Amar's family and he was heartbroken that Frank, student-aid startup, is no longer operating.
Judge Alvin K. Hellerstein said Olivier Amar was intimately involved in creating documents falsely claiming over 4 million young customers when there were fewer than 400,000, and though not the instigator, he was a key part of the scheme.

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

A former finance executive convicted of helping Charlie Javice defraud JPMorgan Chase into buying the college financial aid startup Frank for $175 million was sentenced on Wednesday to 68 months in prison.

2 hours ago·New York, United States

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Executive convicted of defrauding JPMorgan Chase sentenced to over 5 years in prison

A top executive at a startup company that helped college students apply for financial aid has been sentenced to over five years in prison for cheating JPMorgan Chase in a $175 million buyout four years ago

5 hours ago·United States

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