JAVICE CHARGED OVER USD175 MILLION FRANK FAKE CLIENT FRAUD
April 12th, 2023
Charlie Javice, the founder of shuttered New York-based student loan assistance company Frank, is facing both civil and criminal charges in parallel cases brought by the United States Securities & Exchange Commission (SEC) and Department of Justice (DoJ) over fake customer numbers. These were used to clinch the USD175 million sale of the company to JPMorgan Chase Bank (JPMC) in 2021. SEC alleged (1) April 4 that Javice orchestrated a scheme to deceive JPMC into believing that Frank had access to valuable data on 4.25 million students who used the start up’s ...
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