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{{a|disaster|{{disaster roll|Frank}}}} | {{a|disaster|{{disaster roll|Frank}}}}What happened, according to JP Morgan’s own complaint.<ref>[https://www.documentcloud.org/documents/23570243-frank_suit read at leisure].</ref> | ||
*In 2017, Charlie Javice, a photogenic<ref>JPMorgan’s complaint does not ''specifically'' allege that Javice was photogenic but she was, so we are going with this.</ref> 24 year-old founds “Frank” : an online tool to help students apply for federal student aid. Not clear how Frank proposed to make money from this, but okay. | |||
*In early 2021 Javice claimed to have helped ''millions'' of students obtain ''billion'' dollars of loans. (emphasis JP Morgan’s) | |||
*In July 2021 Javice offered to flog the business to JPMorgan. She claimed to have 4.25 million “users”, being individuals who created an account on Frank’s website and supplied a first and last name, email address and phone number. | |||
*This appears to have been a bare-faced lie. | |||
*As part of its “critical confirmatory due diligence” JPM asked to see the account data. | |||
*After a bit of hesitation and dissembly, Javice engaged an as yet unnamed data science professor, whom we will call the “''dodgy'' data science professor” for reasons that will become obvious, to ''make up'' some plausible sounding data, using “synthetic data techniques”. | |||
*She couldn’t ''make'' it, so she ''faked'' it. She paid the dodgy data science professor $18,000 for his trouble. | |||
*Frank’s Chief Growth Office simultaneously bought a list of 4.5m actual high school students, college students and young people from a marketing firm for $105,000. | |||
*On August 8, relying on the Fake Customer List and Amar and Javice’s representation and warranties, JPMorgan acquired Frank for $175m, and hired Javice and Amar as employees to run the business. | |||
*In January 2022, to test the quality of the customer list, JPMC asked Javice to send the list to the JPMC client outreach team. Javice sent botch up of the actual young people data list they bought. | |||
{{Dog| | {{Dog| | ||
Tough one. Javice has great hair and sparkly blue eyes? Young millennial? Instagrams well? Made it to the Forbes “30 under 30 lis”t? |2|Nope, apparently none.| | Tough one. Javice has great hair and sparkly blue eyes? Young millennial? Instagrams well? Made it to the Forbes “30 under 30 lis”t? |2|Nope, apparently none.| | ||
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*[https://www.documentcloud.org/documents/23570243-frank_suit? JP Morgan Complaint] | |||
{{ref}} | {{ref}} | ||