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JPMorgan Chase Financial Company LLC has launched Inverse VIX Short-Term Futures ETNs on NYSE Arca under the ticker VYLD, designed to track the inverse daily returns of the S&P 500 VIX Short-Term Futures Index. These ETNs, redeemable at the issuer's discretion post-March 21, 2025, come with a maturity date of March 22, 2045, and a daily investor fee of 0.85%. Investors should be aware of the associated risks, including credit risk from JPMorgan as the issuer and guarantor, and the ETNs do not represent a direct long or short position in the underlying index or VIX futures contracts.
Charlie Javice and Olivier Amar are co-defendants facing up to 30 years in prison for conspiracy and bank fraud, accused of misleading JPMorgan into paying $175 million for the Frank startup by inflating user numbers. Text exchanges between the two revealed their close relationship and anxiety over the deal, while Javice's defense argued that the now-defunct Frank website, which they claim contained accurate user metrics, was a crucial piece of evidence that prosecutors withheld. The trial continues as federal prosecutors present their case, with the defense asserting that the bank was more interested in acquiring Javice than the data itself.
JPMorgan Chase & Co. acquired Charlie Javice’s student-finance startup, Frank, for $175 million, aiming to attract millions of young customers. However, the bank only gained 10 new checking accounts, as Javice allegedly inflated user numbers from under 300,000 to over 4 million. Testimony revealed the bank's expectation of quickly accessing the 18-to-24 age demographic through the acquisition.
JPMorgan Chase's acquisition of Frank, a student-finance startup, for $175 million yielded only 10 new checking accounts, far below expectations. Testimony revealed that marketing efforts to 400,000 supposed users resulted in minimal engagement, prompting an internal investigation into potential fraud by Frank's founders, who have pleaded not guilty. The case highlights the bank's disappointment in not reaching its target demographic of young customers.
In a fraud trial involving Charlie Javice, a former JPMorgan executive revealed that the bank mistakenly believed Bank of America was competing to acquire the student-loan startup Frank. Leslie Wims Morris, who led the due diligence for JPMorgan's $175 million bid, stated that the offer was based on insights from Frank's financial adviser, LionTree LLC, regarding the competitive landscape.
Charlie Javice
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JPMorgan introduces inverse VIX short-term futures exchange-traded notes on NYSE Arca
S&P Dow Jones Indices LLC
UBS Group AG
Cboe Global Markets, Inc.
JPMorgan Chase & Co.
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Jamie Dimon
Charlie Javice
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