Jakarta –
JP Morgan Chase’s move to acquire a fintech startup called Frank end up being a problem. After acquiring Frank with a dowry of US$ 175 million or around Rp. 2.6 trillion (in an exchange rate of Rp. 15,250), JP Morgan, which incidentally is a top financial institution, actually admitted to being deceived.
Frank, is a startup that provides services in the form of educational loans to students in the United States. This startup was developed by a character named Charlie Javice.
Reporting from Forbes, Sunday (1/15/2023), JP Morgan has officially sued Charlie Javice and Oliver Amar, another Frank official, on charges of falsifying data.
The lawsuit was filed late last year in US District Court in Delaware. Allegedly Javice and Amar asked engineering director Frank to generate bogus customer details after JP Morgan requested user details as part of takeover talks.
After his technical director refused, Javice is then alleged to have paid $18,000 to a data science professor to create millions of fake accounts using synthetic data.
So, who exactly is Charlie Javice, who allegedly succeeded in defrauding a well-known institution like JP Morgan?
From detikcom’s search, Javice himself is well known as a well-known startup figure in the US. All thanks to Javice guiding Frank from a young age.
Javice was also included in the Forbes 30 under 30 list in the Finance category in 2019. The list contains 30 young figures under 30 years of age who have distinguished achievements and major contributions to society.
This graduate of the University of Pennsylvania is on the list because he has worked on startup Frank, which can speed up and simplify the process of applying for student loans in the United States.
Forbes called Javice founder Frank from just 15 members in 2016. Since then, he has raised US$16 million in funding for Frank. The startup he has created is also claimed to have helped 300,000 users apply for financial assistance.
Returning to the fraud problem that Javice faced, Javice’s own lawyers denied the allegations. In fact, Javice instead filed a counterclaim stating that JP Morgan was trying to undermine the acquisition agreement that had been agreed upon.
JP Morgan shut down Frank’s app operations on Thursday after the lawsuit was published. Javice himself remains central as managing director overseeing Frank’s products after the acquisition is made. However, JP Morgan has terminated his employment in November 2022.
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