Charlie Javice, a convicted startup founder, is accused of billing JPMorgan Chase & Co. for personal expenses as part of a $74 million legal claim. Javice allegedly charged the bank for items like cellulite butter and luxury hotel upgrades, resulting in over $142 million in legal fees. JPMorgan is trying to halt further fees due to “extreme abuses.”

Javice’s spokesperson denies the allegations, claiming the expenses were billed by her legal team. Despite being found guilty of fraud and sentenced to over seven years in prison, Javice continues to bill JPMorgan for legal expenses related to her appeal. JPMorgan acquired Javice’s fintech startup Frank for $175 million in 2021.

The case sheds light on the risks of corporate acquisitions. JPMorgan’s purchase of Frank turned sour when it was revealed that the startup’s value was inflated with falsified subscription numbers. The ongoing legal battle and associated costs could impact future acquisition strategies and due diligence processes. JPMorgan believes the legal fees sought by Javice are excessive and egregious.

Read more at Yahoo Finance: Charlie Javice Faces Accusations Of Billing JPMorgan For Personal Expenses Amid $74M Legal Claim