Charlie Javice, who was featured on the Forbes “30 under 30” list, was named in the lawsuit filed in Delaware federal court by JPMorgan Chase.
JPMorgan Chase claims it was duped by a 30-year-old entrepreneur who lied about the number of college kids who were using Frank — a financial-planning site that the mega-bank bought for $175 million.in finance for 2019, led the bank to believe that Frank “was a business deeply engaged with the college-aged market segment with 4.265 million customers,” according to a lawsuit filed on Dec. 22, read.
Among Frank’s backers are Mark Rowan, the billionaire CEO of Apollo Global Management who was listed as the site’s lead investor, according to Crunchbase. Charlie Javice, 30, is being sued by JPMorgan Chase for allegedly lying about the number of customers signed up to her site, Frank, before it was acquired by the bank in 2021.Javice and Amar, who held the role of chief growth officer, were allegedly paid $26 million as a result of the bank’s acquisition of Frank — money that JPMorgan said “they would not have received but for their misconduct.”
JPMorgan claimed that when Javice approached the bank in the summer of 2021 about a potential acquisition, she vastly inflated the number of customers that had used the site.
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