Defense Begins Presenting Witnesses in JPMorgan Fraud Trial
The defense team for Charlie Javice, founder of student financial aid startup Frank, has begun presenting witnesses in the high-profile JPMorgan fraud trial. Marc Rowan, cofounder and CEO of Apollo Global Management, took the stand as the first defense witness on Thursday.
Rowan, an early investor and former board member of Frank, provided testimony aimed at bolstering Javice’s credibility as a savvy entrepreneur. He shared positive impressions of Javice and her leadership, recounting their initial meeting in 2017 and praising her innovative approach to the market.
During his testimony, Rowan highlighted his limited involvement in JPMorgan’s acquisition of Frank, which is at the center of the fraud allegations. The defense strategy appears to focus on challenging the prosecution’s interpretation of key terms used during the acquisition process.
A significant point of contention is the definition of “users.” The defense argues that this term referred to website visitors rather than confirmed customers. Rowan supported this interpretation, stating that terms like “user,” “customer,” and “visitor” were often used interchangeably in discussions about Frank’s business.
Under cross-examination, prosecutors questioned Rowan about his understanding of these definitions and his knowledge of the specific user data shared with JPMorgan during the acquisition. Rowan admitted to lacking detailed information about the data provided to the bank.
Importantly, Rowan denied advising Javice to provide false data or purchase fake customer lists, addressing key allegations in the case.
The trial is set to resume next week with additional defense witnesses. Closing arguments are tentatively scheduled for the following Wednesday, as the closely watched case nears its conclusion.
