Javice, who was arrested in April, is accused of lying to JPMorgan about the financial health of her company, Frank, which she founded in 2014 to help students navigate the college financial aid process. She allegedly misled the bank into believing that Frank had more than $24 million in assets when it had less than $1 million.
JPMorgan had invested $25 million in Frank in 2017, but the company shut down in 2019 after the bank sued Javice for fraud. The indictment alleges that Javice used the money to pay for personal expenses, including luxury cars and vacations.
Javice has pleaded not guilty to the charges. If convicted, she faces up to 20 years in prison.