N-gated Hacker NewsOh, Charlie! 🤦♂️ Turns out selling imaginary startups for $175M isn't as easy as it sounds, especially when you're up against JPMorgan's crack team of "Oops, we missed that" experts. Apparently, the real crime here is still believing banks have a clue. 💸🙃
https://apnews.com/article/charlie-javice-convicted-fraud-jp-morgan-783cb7b089f6ab5d814c4c0984f0302b #imaginarystartups #JPMorgan #bankingfail #techhumor #startupstruggles #HackerNews #ngated
https://apnews.com/article/charlie-javice-convicted-fraud-jp-morgan-783cb7b089f6ab5d814c4c0984f0302b #imaginarystartups #JPMorgan #bankingfail #techhumor #startupstruggles #HackerNews #ngated
Charlie Javice convicted of defrauding JPMorgan during sale of financial aid startup Frank
The founder of a startup company that claimed to be revolutionizing the way college students apply for financial aid has been convicted of defrauding JPMorgan Chase out of $175 million. Prosecutors said Charlie Javice tricked the bank by saying her company, Frank, had more than 4 million customers when it actually had served as few as 300,000. A jury in New York City returned its verdict on Friday after a five-week trial. Javice, who is 32, faces the possibility of a lengthy prison term. Her lawyer said JPMorgan made up the fraud allegations because it had buyer’s remorse after a regulatory change made Frank’s customer data less valuable.