Charlie Javice, the founder of student loan application startup Frank that was purchased by JPMorgan for $175 million, was found guilty on Friday of

Federal prosecutors convinced a jury that Ms. Javice, along with one of her executives, had faked much of her customer list before selling her start-up, Frank, to the bank.

Charlie Javice, whose startup claimed to be revolutionizing the way college students apply for financial aid, was convicted of defrauding the banking giant by exaggerating her customer base tenfold.