JPMorgan paid $175 million for a buzzy student-aid startup. Now it says most of the users are fake

The financial giant claims it was sold a “lie” by fintech startup Frank and its 30-year-old founder, Charlie Javice.

JPMorgan Chase has taken down the website for a student-aid platform it acquired two years ago for $175 million after accusing the founder of widespread fraud. The financial giant claims it was sold a “lie” by fintech startup Frank, and is suing 30-year-old founder Charlie Javice and other former executives for reportedly lying about how successful the company was, namely by creating a massive database of fake users to fool the bank when it asked for proof.

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