From Yahoo Finance: 2025-04-21 09:15:00

Charlie Javice, founder of fintech startup Frank, promised to simplify student financial aid but was convicted of fraud and conspiracy. JPMorgan Chase paid $175 million for Frank, unaware of fake user accounts. Javice faces possible prison time for deceiving investors.

Javice exaggerated Frank’s success, leading to a major fraud scandal. JPMorgan failed to verify user data, resulting in a costly mistake. Investors must prioritize independent verification and thorough due diligence to avoid similar scams. Regulatory tools and financial advisors offer valuable insights for protecting investments.



Read more at Yahoo Finance: This 32-year-old Pilates instructor told ‘lies’ that duped JPMorgan out of $175M. Here’s how she did it