On Wednesday local time, Olivier Amar, a former executive of U.S. student aid startup Frank, was sentenced to five years and eight months in prison for deceiving JPMorgan Chase during the bank's $175 million acquisition of the company four years ago.

The sentencing of Amar in Manhattan federal court came one month after Frank's founder, Charlie Javice, received a seven-year prison term.

The judge described Amar as "deeply involved in the fraud," which included fabricating documents and falsely claiming the company had over 4 million young customers when the actual number was fewer than 400,000.

"While you were not the mastermind of the fraud or the one who made the most false statements, you were a key participant," the judge stated.

In addition to the prison sentence, the judge ordered Amar to pay $223 million in restitution, including $54 million in legal fees.

Previous reports indicated that JPMorgan Chase had been required to cover a total of $115 million in legal fees for Javice and Amar due to a clause in the bank's original contract with Frank obligating it to bear their legal expenses. Lawyers for JPMorgan Chase have since petitioned the court to terminate this payment obligation.