• Entertainment
    • Netflix
    • Anime
  • Celebrity News
  • Featured
  • Game
  • Write For US
What's Hot
The PC Gaming Market and the Ability to Overthrow Console Gaming for Good

The PC Gaming Market and the Ability to Overthrow Console Gaming for Good

June 2, 2023
Dr. Zach's Related to Jacky Oh Surgery

Dr. Zach’s Reputation Takes a Hit After Jacky Oh’s Deἀth – Suspicion Falls on Him

June 2, 2023
And Just Like That Season 2 Trailer

And Just Like That Season 2 Trailer & Release Date

June 2, 2023
Facebook Twitter Instagram
  • Entertainment
    • Netflix
    • Anime
  • Celebrity News
  • Featured
  • Game
  • Write For US
Home»News»Frank Founder Charlie Javice Accused for Fabricating 4 Million Client Data
News

Frank Founder Charlie Javice Accused for Fabricating 4 Million Client Data

Norway MartinBy Norway MartinApril 5, 20233 Mins Read

Federal prosecutors have filed fraud charges against Charlie Javice, the 31-year-old founder of defunct student loan software company Frank, and law enforcement has arrested Javice.

U.S. authorities stated on Tuesday that they had detained Javice, one of Forbes’ “30 under 30” for 2019. Javice was taken into custody in New Jersey on Monday. She has been hit with four charges: three counts of fraud and one count of conspiracy.

The SEC has filed a civil complaint against Javice, saying that she fabricated client data and falsely claimed to have 4 million customers to get JPMorgan Chase to buy her company for $175 million in 2021.

Soon after receiving his degree from Penn, Javice created the student aid support tool, Frank. According to the Justice Department, Javice received $21 million for selling her stock investment in Frank as part of the deal to sell the firm to the banking behemoth, in addition to a position as a managing partner at JPMorgan Chase and a $20 million retention bonus. Law enforcement investigators estimate that she may have made $45 million from the plan.

Frank Founder Charlie Javice Accused for Fabricating 4 Million Client Data
Frank Founder Charlie Javice Accused for Fabricating 4 Million Client Data

U.S. Attorney Damian Williams said in a statement that the arrest should serve as a warning to business owners who lie to develop their companies.

The SEC alleges that JPMorgan was keen to acquire Frank because the company claimed to have contact information (names, emails, and phone numbers) for more than 4 million students.

Authorities, however, claim the figures were fabricated. According to the SEC’s complaint, Frank only had information on roughly 300,000 clients, and Javice fabricated the remaining 4.2 million with the help of a local data science professor.

A senior executive at Frank, who was not named in the complaint, and Javice “engaged in a months-long plan to fake the data that both of them knew JPMC was paying $175 million to acquire,” according to the allegations. With counsel, Javice refuted the charges.

These are more links to stories you may find interesting on the subject of fraud:

  • Manhattan Grand Jury indicts Trump on over 30 Corporate Fraud Allegations
  • 11 People Have Been Charged By A US Watchdog In A $300 Million Cryptocurrency Fraud

JPMorgan Chase Discovers Fraudulent Activity

JPMorgan Chase Discovers Fraudulent Activity
JPMorgan Chase Discovers Fraudulent Activity

A failed test marketing effort directed at Frank’s fictitious consumers alerted the bank to the possible fraud. Frank’s internal records were seized by JPMorgan Chase, and the bank quickly discovered emails in which Javice requested the professor create “fake data” for 4.2 million users and discussed buying user datasets from a data broker.

According to Gurbir Grewal, director of the SEC’s enforcement division, “we argue that Ms. Javice engaged in an old school scam” rather than assisting students. Even private, start-up businesses must be forthright, and when they fail to do so, regulators will bring them to account, as happened here.

Last year, Javice was sued by JPMorgan Chase, and she filed a countersuit, both for fraud. Javice is no longer a part of the bank’s staff.

If you wanted to check out more latest news like this then you can join us on our Twitter account.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Previous ArticleWhere to Watch The Blue Beetle for Free?
Next Article What Drinks Won’t Break a Fast?
Norway Martin
  • Website
  • Facebook
  • Twitter
  • Instagram
  • LinkedIn

I enjoy research, which is why I decided to pursue a career in journalism. I love reading and watching the news, trying to stay up-to-date on the latest happenings. As an SEO editor, I am able to combine my two passions of researching and writing.When I'm not hard at work on my computer, watching the latest episode of Game of Thrones, you can find me curled up with a good book.

Related Posts

Dr. Zach's Related to Jacky Oh Surgery
News

Dr. Zach’s Reputation Takes a Hit After Jacky Oh’s Deἀth – Suspicion Falls on Him

June 2, 2023
Danny Masterson Net Worth
News

Danny Masterson ‘That ’70s Show’ Star Net Worth – Found Guilty of Rἀpe

June 2, 2023
Pregnant Transgender Man Logan Brown Makes History - Featured on Glamour UK's Pride Issue
News

Pregnant Transgender Man Logan Brown Makes History – Featured on Glamour UK’s Pride Issue

June 2, 2023
Add A Comment

Leave A Reply Cancel Reply

  • Anime
  • Autopsy
  • Business
  • celebrity
  • Celebrity News
  • Education
  • Entertainment
  • Event
  • Featured
  • Game
  • Health
  • illness
  • Internet
  • Lifestyle
  • Money
  • Netflix
  • News
  • Politics
  • Social Media
  • Sports
  • Stimulus Checks
  • Tech
  • Uncategorized
  • Venture
Most Popular
The PC Gaming Market and the Ability to Overthrow Console Gaming for Good

The PC Gaming Market and the Ability to Overthrow Console Gaming for Good

June 2, 2023
Dr. Zach's Related to Jacky Oh Surgery

Dr. Zach’s Reputation Takes a Hit After Jacky Oh’s Deἀth – Suspicion Falls on Him

June 2, 2023
And Just Like That Season 2 Trailer

And Just Like That Season 2 Trailer & Release Date

June 2, 2023
About Us
About Us

Venturejolt.com isn’t like any other blog you’ve ever visited; we have a staff of trained journalists and film buffs that know all there is to know about the culture, entertainment, and news. Irreverently, we are more than just journalists who enjoy our work.

Venturejolt.com is a business unit of Digi Hind Pvt Ltd. Media Services.

Main Branch- SCO-253, 2nd Floor, opp. Mini Secretariat, Sector 12, Karnal (132001) Haryana, India.

  • Contact Us
  • About Us
  • Write For US
  • Our Team
  • Disclaimer
  • Terms of Use
  • Corrections Policy
  • Fact Check Policy
  • Editorial Policy
  • Cookie Privacy Policy
  • Privacy Policy
© 2023 Venturejolt.com.

Type above and press Enter to search. Press Esc to cancel.

Go to mobile version