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Delaware Judge Keeps JPMorgan on the Hook for Charlie Javice’s Legal Fees
business8 days ago

Delaware Judge Keeps JPMorgan on the Hook for Charlie Javice’s Legal Fees

A Delaware judge ruled that JPMorgan Chase must continue paying Charlie Javice’s legal fees during ongoing litigation, despite the bank’s objections to the rising costs. Javice, founder of the fintech Frank, was convicted of defrauding JPMorgan by inflating data to secure a $175 million acquisition and, with co-defendant Olivier Amar, ordered to pay $288 million in restitution. She remains imprisoned for seven years and is free on bail pending appeals, while JPMorgan and Javice’s team dispute the scope of fee coverage under their contract.

via Business Insider|
#business#charlie-javice#frank
Tottenham Earn Hard-Fought Point in Monaco Draw
sports8 months ago

Tottenham Earn Hard-Fought Point in Monaco Draw

Tottenham Hotspur managed a 0-0 draw against Monaco in a match marked by poor performance from Spurs, who struggled offensively and defensively, with Vicario's standout saves keeping them in the game. The result highlighted tactical issues and the need for better midfield organization, as well as concerns about player fitness and substitutions. Monaco dominated possession and chances, but Spurs' defense held firm, earning a point in a disappointing display.

via Cartilage Free Captain|
#draw#frank#monaco
Charlie Javice Sentenced to 7 Years for JPMorgan Fraud
business9 months ago

Charlie Javice Sentenced to 7 Years for JPMorgan Fraud

Charlie Javice, once a celebrated fintech entrepreneur, was sentenced to 85 months in prison for fabricating customer data in her startup Frank, which JPMorgan acquired for $175 million. She expressed deep remorse in court, apologizing to shareholders, employees, and students affected by her actions. The case highlights issues of corporate due diligence and market honesty, with Javice's conviction marking a dramatic fall from her previous success and recognition.

via Fortune|
#business#charlie-javice#court-sentencing
Tottenham's Resilience Shines in Brighton Draw
sports9 months ago

Tottenham's Resilience Shines in Brighton Draw

Tottenham's recent match against Brighton showcased a significant mental and physical resilience, with the team fighting back from a 2-0 deficit to earn a 2-2 draw, highlighting a possible shift in their mentality under coach Thomas Frank and marking their first away league game avoiding defeat after trailing by two or more goals in three years.

via BBC|
#brighton#comeback#frank
Another Frank financial aid executive implicated in JPMorgan fraud case
fraudcrime3 years ago

Another Frank financial aid executive implicated in JPMorgan fraud case

Olivier Amar, former executive at college aid startup Frank, has been indicted on charges of wire fraud, bank fraud, securities fraud, and conspiracy, in connection with defrauding JPMorgan Chase into buying the company for $175 million. Amar is the second Frank employee to be charged, following founder Charlie Javice. Both have pleaded not guilty. The Securities and Exchange Commission has also added Amar as a defendant in its civil suit against Javice. The alleged scheme involved fabricating user data and misleading JPMorgan about the company's size. JPMorgan shut down Frank in January.

via NBC News|
#financial-aid#frank#fraud
"Founder of student aid startup Frank reacts to prosecutor's case against her"
business3 years ago

"Founder of student aid startup Frank reacts to prosecutor's case against her"

The founder of student aid startup Frank, Charlie Javice, and the company's chief growth officer, Olivier Amar, have pleaded not guilty to criminal charges alleging that they tricked J.P. Morgan Chase into paying $175 million for their business by creating a fake data set that inflated their client base. Prosecutors claim that Javice and Amar misrepresented the number of customers Frank had, which was actually around 300,000 instead of the claimed 4 million. Javice's attorney argues that communications among J.P. Morgan Chase executives will support her innocence. The next pretrial hearing is scheduled for August 15.

via The Associated Press|
#business#criminal-charges#frank
Frank College Aid Startup Executives Plead Not Guilty to JPMorgan Fraud Charges
business3 years ago

Frank College Aid Startup Executives Plead Not Guilty to JPMorgan Fraud Charges

The founder and a former executive of college financial aid startup Frank have pleaded not guilty to charges of defrauding JPMorgan Chase. Charlie Javice and Olivier Amar entered their pleas before a U.S. District Judge in Manhattan. Prosecutors allege that Javice lied to JPMorgan about the number of student customers Frank had, while Amar purchased fake lists of college students' data. JPMorgan discovered the fraud after finding that marketing materials sent to supposed customers had low delivery and open rates. The bank shut down Frank and CEO Jamie Dimon called the acquisition a "huge mistake." Javice has also filed counterclaims against JPMorgan in a separate case.

via Reuters|
#business#financial-aid#frank
Charlie Javice Crowned "Magic Number Finder" in $175M JPMorgan Sale
business3 years ago

Charlie Javice Crowned "Magic Number Finder" in $175M JPMorgan Sale

Workers at Frank, a financial planning site for college students, reportedly questioned the company's financials before JPMorgan Chase purchased the company for $175 million in 2021, and even referred to their boss, Charlie Javice, as the "king of finding magic numbers." JPMorgan has sued over getting bilked by Javice in the deal, alleging that Frank's user base was supposedly more like 300,000, not the 4.25 million that Javice claimed. Javice has been charged with defrauding JPMorgan into buying her now-shuttered college financial aid startup under the guise that millions of customers would come with it.

via New York Post |
#business#charlie-javice#financial-fraud
JPMorgan employees doubted stats before Frank acquisition
finance3 years ago

JPMorgan employees doubted stats before Frank acquisition

Internal messages released in a legal filing show that employees of college aid platform Frank expressed disbelief when founder Charlie Javice directed them to boost their customer count ahead of JPMorgan's acquisition of the startup for $175 million in 2021. JPMorgan alleges that Frank had fewer than 300,000 real customers when it was purchased, despite Javice instructing employees to change "public-facing numbers" to 4.25 million customers. Javice has been criminally charged by the Department of Justice and sued by the Securities and Exchange Commission for fraud related to the company sale, while JPMorgan has sued Javice for lying about her company's scale to close the deal.

via CNBC|
#finance#fintech#frank
business3 years ago

JPMorgan accuses Frank founder of inflating user numbers.

JPMorgan has accused the founder of Frank, a now-defunct financial app, of instructing staff to overstate user numbers to potential buyers. The bank has filed a lawsuit against the founder, alleging that he made false statements about the app's user base during its acquisition by another company. Frank was shut down in 2019 after failing to gain traction with users.

via Financial Times|
#allegations#business#frank
business3 years ago

JPMorgan to pay legal fees in Frank fraud case.

JPMorgan has been ordered by a US judge to pay the legal fees of the founder of Frank, a now-defunct startup, in a fraud case. The court ruled that JPMorgan had acted in bad faith by withholding evidence that could have helped Frank's founder defend himself against the bank's claims. The ruling is a setback for JPMorgan, which has been trying to recover $875m from Frank's founder and other defendants in the case.

via Financial Times|
#business#court-ruling#frank