A young tech entrepreneur is facing criminal charges after allegedly trying to lure JP Morgan Chase so it would acquire her start-up for $175 million.
When JPMorgan Chase announced two years ago that it would purchase Frank, a startup college financial planning company for students, the global banking giant said that by acquiring the apparently popular platform for $175 million it hoped to strengthen its relationship with millions of young people.
According to federal authorities, the 31-year-old Javice allegedly fabricated and manipulated Frank's data to make it appear as though her company serviced far more customers than it actually did. As a result of her suspected deceit, she stood to make more than $45 million, prosecutors said Tuesday. Javice has denied the allegations through a spokesperson. Her lawyer Alex Spiro declined to comment to ABC News for this story but maintained before Javice's arrest that she was being targeted by JPMorgan and had internally voiced concerns about student privacy laws.Javice founded Frank in 2017 as a platform designed to simplify the student loan application process, Frank and JPMorgan said in announcing the acquisition.
"JMPC's acquisition of Frank did not go as planned," Javice's lawyers wrote in February. "But this was no fault of Ms. Javice's."The dispute over users and data centers on Frank's signature tool, "Easy FAFSA," which Frank said was designed to streamline and simplify the Department of Education's Free Application for Federal Student Aid.
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