Submitted by Hardscrabble Farmer
Millennial CEO Accused Of Tricking JPMorgan Into $175 Million Purchase Charged With Fraud
The 30-year-old founder of a college financial planning website accused of fabricating nearly 4 million user accounts before selling it to JPMorgan for $175 million has been charged with fraud.
Founded in 2016 by CEO Charlie Javice, the company, ‘Frank,’ offered software to help young Americans obtain financial aid in what Javice framed as “an Amazon for higher education,” and had the backing of billionaire Marc Rowan – the company’s lead investor. JPMorgan touted the Sept. 2021 deal as giving it the “fastest-growing college financial planning platform” used by over 5 million students at 6,000 institutions.
The 31-year-old Javice was charged by Manhattan federal prosecutors on Tuesday with one count of conspiracy to commit bank and wire fraud, one count of wire fraud, one count of wire fraud affecting a financial institution, and one count of bank fraud according to Bloomberg.
“As alleged, Javice engaged in a brazen scheme to defraud JPMC in the course of a $175 million acquisition deal. She lied directly to JPMC and fabricated data to support those lies—all in order to make over $45 million from the sale of her company,” said US Attorney Damian Williams in a Tuesday statement. “This arrest should warn entrepreneurs who lie to advance their businesses that their lies will catch up to them, and this Office will hold them accountable for putting their greed above the law.”
Javice says the bank rushed to buy Frank without doing proper due diligence, and was attempting to deflect attention from its violations of student privacy laws. She has countersued the bank in Delaware state court to force JPMorgan to cover her legal fees.
Javice said in a response to JPMorgan’s suit that that Chief Executive Officer Jamie Dimon pushed to acquire Frank out of fear that another bank was eyeing the company, that she was being scapegoated for the bank’s faulty due diligence and that it was JPMorgan that asked her to come up with “synthetic data” on Frank users. -Bloomberg
According to JPMorgan, however, the bank discovered the fabricated accounts after sending out emails to a batch of 400,000 Frank customers – with around 70% of them bouncing back, according to according to a lawsuit filed in December in US District Court in Delaware, CNBC reported in January.
The bank’s lawsuit claims that Javice pitched the bank on the “lie” that over 4 million users had signed up to use Frank to apply for federal aid. When the bank asked for proof during due diligence, Javice allegedly fabricated an enormous list of “fake customers – a list of names, addresses, dates of birth, and other personal information for 4.265 million ‘students’ who did not actually exist.”
In reality, Frank had less than 300,000 customer accounts at the time, according to the lawsuit.
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SO….when will we be similarly investigating and prosecuting the ongoing fraud (and pedo behavior) from JP Morgan?
I betchha JPMorgan gave her an executive position and a corner office and said “We want you to do keep doing the same thing, your targetsiare the rank and file consumers and DC”
“Who’s Jewing who?”…
Or something like that, with apologies to Ms. Aretha Franklin….
Looks nicer than Elizabeth Holmes.
Damnation via faint praise.
.
.
https://wallstreetonparade.com/?s=jp+morgan
One of the biggest fraudulent banks gets a taste of their own medicine. She gets an A for creativity. Some liberal think tank will undoubtedly give here a high paying job.
I’ve been through due diligence in a company sale- was put through hell. Unbelievable that JP Morgan didn’t have a hundred lawyers swarming all over the company records.
Also how does one go about creating all these records during due diligence which is usually a few months time- had to come up with millions of names, addresses etc. Does not add up.
The dog ate your student loan. SUCKERS.
Thou shalt not deceive jews.
Dimon’s not Jewish. Likely Satanist. He supposedly refused conversion, as he wanted to be POTUS.
Yeah he’s a presbyterian.
We know, but we also know who controls this bank. Dimon is a manager.
The chutzpah of these Jews to accuse others of “putting their greed before the law”! Shame is a foreign concept to them.
1. She fabricated a list of names, addresses, dates of birth, and other personal information for … 4.265 MILLION “students”??? Wow, she must be a very fast typist.
2. She fucked over JP Morgan?? Give her a Gold Star, and give her Pete Buttgig’s job.
She got one over on the Global Banksters. She should get a Noble prize and an Academy award.
Get real. The kid’s ready for Secretary of the Treasury.
Nobody shafts You like a blood relative? SOMEbody did NOT get their
Cut‘Fair share’?she was pumped up for YEARS.
https://everipedia.org/wiki/lang_en/charlie-javice
Good investigative work.
It seems everything is a grift. If someone did not get porked along the way, we would probably never have heard of this.
Thanks, but ’twere nothing. Stumbled across the links sometime ago, a Seemingly ‘unrelated’ quest.
Just file them away as text-edit documents for future use. 🤣 Sooner or later?
Everything is ‘relative’. Tricky part? Naming them something that will make sense when looking. Stroke-of-Genius! on my part?
After Dozens of attempts? Their Name. Howl S-M-A-R-T is That?
One, maybe 6, Even alluded to her ‘religion/ethnicity/whateva’!
🤣 X3. No Need ta post that.
The white mother of the Chocolate Jesus worked on microfinance in Asia (employed by something like the Ford Foundation) before the noun “microfinance” had even been invented-or at least that is how the story was told. Such a capable woman, yet the birth certificate never could be located.
Too bad nobody at JPM was smart enough to look into the business before purchasing it.
They are using ‘fun money’, easily made, easily replaced. “Why me worry?”
I thought jpmorgan was the smartest kike in the room ?
Scammed by a mere girl…………….hahahaha.
She should be allowed to keep the money.
Physiognomy wins again!
Every.
Single.
Time.
Nobody else could be an “entrepreneur” coming out of Wharton at 19 unless s/he has Family.
Such pride in her project.
Stupid Goys.
Yep. Have a gander at that ski slope that starts between her eyes.
Probably one big money laundering operation. She will “kill” herself in prison and live happily ever after. Just like modern art- money for nothing
You don’t think real people pay millions for that crap do you- evil but not stupid.
Future Fed bankster . Millennials got talent.
Most likely got coaching from Yellen.
The real surprise is that JP Morgan didn’t hire her when they found out what she had done.
May They all be bitten by their own brood of vipers.
She probably gave bad hummers.
Nose got in the way. It’s big enough to be a useful orifice used differently.
So, she expected no one was going to discover this massive discrepancy? Now that’s extremely unlikely. So what went down here? Sounds like either she reneged on the kickback, or someone outside the scheme shouted “Fraud!” She now will be telling a story of who, what, why, where, and when. Or she will die trying.
Nice try lady…you’ll be on the menu at the next Central Bankers Cabal…
https://www.theguardian.com/business/2008/sep/20/wallstreet.banking
https://moneyweek.com/316602/profile-of-blythe-masters