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 {{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)
+==== The start-up business ====
-*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.
+*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 founded “Frank”, an online tool to help students apply for federal student aid.
-*This appears to have been a bare-faced lie.
+*It is not clear how Frank proposed to make money from this, but okay.
-*As part of its “critical confirmatory due diligence” JPM asked to see the account data.
+*By early 2021 Frank was publicly claiming to have helped ''millions'' of students obtain ''billion'' dollars of loans (emphasis JP Morgan’s).
-*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.
+==== Enter the house of Morgan ====
-*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.
+*In July 2021 Javice tried to flog the business to JPMorgan, claiming to have 4.25 million “users”, who had created an account on Frank’s website with a first and last name, email address and phone number.
+*This appears to have been a bare-faced lie. JP Morgan called her bluff.
+==== Due dilly and the dodgy dossier ====
+*As part of its “critical confirmatory [[due diligence]]”, on 1 August 2021 JPM asked to see the account data.
+*Frank 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”.
+*Memorable quote from JP Morgan:
+<blockquote>“Synthetic data, in plain English, is fake information.”</blockquote>
+* Frank paid the dodgy data science professor $18,000 for his trouble, first unilaterally doubling his hourly rate, then adding $4,500 to his bill to persuade him to be discrete on his invoice.
+*Frank’s Chief Growth Officer Olivier Amar simultaneously bought a list of 4.5m actual high school students, college students and young people from a marketing firm for $105,000.
+*On Thursday 5 August 2021, Frank agreed to share some data (but with email and physical addresses substituted for unique identifiers) with a third party vendor to validate it.
+====The deal closes====
 *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.
+====About that customer list====
 *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.