JPMorgan shutters web site it paid $175 million for, accuses founder of inventing thousands and thousands of accounts

JPMorgan shutters web site it paid 5 million for, accuses founder of inventing thousands and thousands of accounts


Key Points
  • JPMorgan Chase on Thursday shut down the site for a college fiscal aid platform it bought for $175 million just after alleging that the company’s founder made virtually 4 million phony client accounts.
  • JPMorgan stated it realized the truth about Frank soon after sending out advertising and marketing e-mails to a batch of 400,000 shoppers. About 70% of the e-mail bounced back, the lender said in a lawsuit submitted very last thirty day period in federal court.
  • Soon after becoming pressed for affirmation of Frank’s client foundation throughout the owing diligence approach, founder Charlie Javice made use of a info scientist to invent thousands and thousands of pretend accounts, according to JPMorgan.
  • A law firm for Javice advised the Wall Street Journal that JPMorgan experienced “created” factors to fireplace her late very last calendar year to stay away from paying millions of pounds owed to her. Javice has sued JPMorgan, declaring that the financial institution really should entrance her legal payments.



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