A second former start-up executive has been indicted on charges of helping defraud a major lending firm.

Olivier Amar, the now ex-executive who helped oversee the college startup Frank, is charged for his alleged role in convincing JPMorgan Chase to purchase his former company.

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Amar, 49, is accused of assisting with the $175 million purchase of his former company, as described in the federal indictment.

Authorities have mounted their case on claims of wire fraud, bank fraud, securities fraud, and conspiracy. Amar was the former startup's chief growth officer.

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Frank founder Charlie Javice, 31, is currently facing federal charges on the same counts.

Amar has since pleaded not guilty in court, as well as having posted a $1 million bond.