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.
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