Charlie Javice, the 30-year-old Frank founder accused of fraud, says Jamie Dimon took a personal interest in her $175 million acquisition Luisa Beltran Mon, February 27, 2023, 11:09 PM GMT+2 Charlie Javice alleges it was Jamie Dimon, JPMorgan Chase’s powerful billionaire CEO, who took a personal interest in the bank’s acquisition of her financial aid site Frank, telling her in July of 2021 that he thought JPMorgan should “get the deal done,” according to court documents filed Monday in Delaware District Court. The deal did indeed get done. In September 2021, just two months after Javice says the CEO spoke to her, JPMorgan Chase closed its $175 million purchase of Frank, a company it believed had at least 4.25 million users. It took several months for JPMorgan Chase to figure out the truth—that Javice had lied and Frank had less than 300,000 customers. JPMorgan claimed the Frank founder and Olivier Amar, Frank’s chief growth officer, committed securities fraud, fraud with the contract, and conspiracy to commit fraud, as well as aiding and abetting fraud for allegedly fabricating around 4 million nonexistent accounts that they said used Frank’s services, according to a December lawsuit from JPMorgan Chase. (You can read Fortune's account of the whole saga and how JP Morgan got tied up with Frank here.) But Javice, who is 30 years old, alleges that JPMorgan Chase, one of the world’s biggest banks with $3.7 trillion in assets, did know the truth about Frank, including its size, but still rushed to do the deal, the court documents said. The young entrepreneur is demanding a jury trial, but it's unclear if the court case will get that far. Source : https://finance.yahoo.com/news/charlie-javice-30-old-frank-210913478.html
%% Pretty Hi price for a 4.25 million member hog feeding trough; but maybe that's why the old expression ''eating hi on the hog '' ??
Ok, so a young & dumb girl who is a fraudster, is trying to lay blame on a multi-billionare because he got duped by this fraudster or something? I'm confused. And come to think of it, I haven't even heard of this girl...
I had the toughest time figuring out who is Charlie when all I see is a picture of a woman. I am getting old... LOL
Wait what? So this company fudged its number of accounts by a significant number, something JPMC didn't find when it did its due diligence? Something doesn't jive here... This is JP Morgan Chase we're talking about, one of the world's most savvy financial thing. The first thing they'd check for during the due diligence period is validating the numbers of accounts. Either Frank was really sophisticated and their original intention was to scam and run (which they didn't) or JPMC was horrendous doing their preliminary work and they should fire the entire team involved with the purchase.
Good catch. I had to double check when looking for the picture. ,,Charlie... Charlie ? Do they give those names for girls too? Ah, nvm.."
%% LOL; had to look that one up. In a list of names, Charlene, Charlie , Carly, Ali; was the way the baby list read, someone got confused ............................... In 2020 several member of US congress urged a FTC investigation, noting Frank Co ''does not make it easier for students to get funds, but instead appears to be way for Frank to mine + exploit data for profit'' JPM should have consulted Dave Ramsey/ he never likes the student loan hog trough.