Charlie Javice, founder of startup Frank, arrested for fraud and conspiracy.
JP Morgan Chase sued Javice for fabricating user numbers and producing fake data.
Javice sold Frank to JP Morgan for $175 million in 2021.
Frank claimed to have 4 million users, but allegedly had only 300,000.
Javice accused of lying about platform's success and creating fake user accounts.
Data science professor and marketing firm named in the lawsuit.
Javice accused of trying to cover up the issue by deleting fake user list.
JP Morgan Chase seeking $45 million in damages from Javice.
Javice filed counterclaim accusing JP Morgan of withholding $28 million in payments.
Javice facing charges that carry 20-30 year prison terms.