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*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. | *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. | *On Thursday 5 August 2021, Frank agreed to share some data (but, citing privacy compliance) with email and physical addresses substituted for unique identifiers) with a third party vendor to validate it. Another memorable JP Morgan quote from the complaint: | ||
<blockquote>“The Fake Customer List had no value as diligence information. It did not tell JMPC anything about Frank, its business, or the students who supposedly started filling out FAFSAs”.</blockquote> | |||
====The deal closes==== | ====The deal closes==== | ||
*On August 8 | *Yet JP Morgan went ahead all the same. | ||
*On Sunday August 8, JPMorgan acquired Frank for $175m, hiring Javice, Amar and other Frank staff as employees to run the business. The deal closed in September. | |||
====About that customer list==== | ====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. | *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. | ||
*JPMC reached out via email to a random sample of around 400,000 emails on the list list Frank provided of these only 103 recipients even clicked through to Frank’s. Another memorable quote from JP Morgan: | |||
<blockquote>The marketing campaign was a disaster. </blockquote> | |||
*In June 2022 JPMC investigated, found emails attesting to all the above from their now employees, fired them and shut down Frank. | |||
====Blaze of lawsuits==== | |||
And there might it have ended, had Javice not sued JP Morgan, in December 2022, alleging the bank used its investigation into Frank as an excuse to fire her from her job with the company. Rather than stoically, and quietly, defending this patently frivolous action, JP Morgan countersued for its acquisition cost, and as a result the world’s media with an embarrassing take of witlessness, all around, for what is in JP Morgan’s scheme of things a paltry sum. | |||
{{Dog| | {{Dog| | ||