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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'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.
Olivier Amar
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fraud trial reveals text exchanges between frank founder and co-defendant
01:23 20.03.2025
jpmorgan acquires frank but gains only ten new customers in trial fallout
22:02 18.03.2025
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