U.S. prosecutors on Wednesday unveiled an indictment charging a second former executive of college financial aid startup Frank with defrauding JPMorgan Chase into buying the company for $175 million, Reuters reported. Olivier Amar, who was Frank's chief growth officer, was charged with wire fraud, bank fraud, securities fraud and conspiracy. Frank founder Charlie Javice was arrested in April and later pleaded not guilty to the same four counts. Lawyers for Amar, whose whereabouts were not immediately known, did not immediately respond to a request for comment. A spokesman for the U.S. Attorney's office in Manhattan also did not immediately respond to a request for comment. Federal prosecutors have said that Javice repeatedly lied about Frank to the largest U.S. bank, including by claiming that she had lined up 4.25 million student customers when in fact she had data for only about 300,000.
