How This 31 Year Old Woman Scammed JP Morgan

Summary by Krater

This video details the rise and fall of Frank, a student financial aid startup founded by Charlie Javice, which was acquired by JPMorgan Chase for $175 million before being exposed as a massive fraud involving millions of fake user accounts.

From the video

Answers: What happened to Charlie Javice and Frank startup?

• student financial aid
• startup fraud
• microfinance platform
• corporate acquisitions
• due diligence failure
• fabricated customer data

What it concludes

• Charlie Javice founded Frank as a microfinance product and later pivoted it to simplify FAFSA applications.
• Frank was acquired by JPMorgan Chase for $175 million in 2021 after claiming 4.5 million active users.
• JPMorgan Chase discovered during due diligence that the 4.25 million customer list was fabricated using fake user accounts.
• Charlie Javice was charged by the DOJ with four counts of fraud following the exposure of her startup's fake metrics.