Feds charge Frank exec Olivier Amar with defrauding JPMorgan in $175M deal

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Feds charge Frank exec Olivier Amar with defrauding JPMorgan in $175M deal
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Frank founder Charlie Javice was arrested in April and later pleaded not guilty to the same four counts.

Lawyers for Amar, whose whereabouts were not immediately known, did not immediately respond to a request for comment.

A spokesman for the US Attorney’s office in Manhattan also did not immediately respond to a request for comment. Federal prosecutors have said Javice repeatedly lied about Frank to the largest US bank, including by claiming that she had lined up 4.25 million student customers when in fact she had data for only about 300,000.

JPMorgan has said it learned of Javice’s fraud after sending marketing materials to people who she claimed were real, and finding that just 28% were delivered and 1.1% were opened, far fewer than in other similar campaigns. Federal prosecutors have said founder Charlie Javice repeatedly lied about Frank, which was acquired for $175 million.in January, and Chief Executive Jamie Dimon branded the acquisition a “huge mistake.”in February, accusing JPMorgan of harming her reputation and withholding about $28 million of payments. She and Amar are seeking to dismiss the bank’s claims.

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