JPMorgan Chase has sued the founder of a student financial aid platform that it purchased in 2021 for $175 million, claiming she falsified over 90% of the 4.25 million students she claimed had opened accounts.
JPMorgan Chase has sued the founder of Frank, a student financial aid platform that it purchased in 2021 for $175 million, claiming that she falsified the company's number of users.is explosive, arguing that Charlie Javice conjured over 90% of the 4.25 million students she claimed had opened Frank accounts.
Specifically, the bank alleges that Javice hired a data science professor at an NYC college to fabricate users, and then purchased a list of real students from a marketing firm.JPM says that Javice and Olivier Amar, Frank's chief growth officer and the only other listed defendant, received around $26 million in sale proceeds.
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