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Charlie Javice, founder of the college financial aid startup Frank, was convicted on March 28, 2025, of defrauding JPMorgan Chase in a high-profile case involving securities, wire, and bank fraud. The jury found that she fabricated user data to mislead the bank during its $175 million acquisition of Frank, which was later revealed to have significantly fewer users than claimed. Javice's sentencing is set for August 26, 2025, highlighting the need for greater scrutiny in the fintech sector.
Alabama Attorney General Steve Marshall praised Wells Fargo's decision to withdraw from its sustainability goals under the Net-Zero Banking Alliance, viewing it as a victory against environmental social governance policies. This move exempts Wells Fargo from an 18-state investigation into potential antitrust violations related to net-zero emissions policies, while other major banks that left the alliance have not publicly disavowed its targets. In contrast, Investor Advocates for Social Justice criticized the decision as a setback in the fight against climate change, emphasizing the need for financial institutions to take responsibility for their environmental impact.
An amendment to the law delays the tightening of capital adequacy requirements for UBS, providing the bank with a reprieve of three to four years. This shift, influenced by lobbying efforts, allows UBS to postpone raising CHF 15 to 25 billion in new equity capital, while simultaneously engaging in share buybacks that could increase risk and reduce stability.
A multi-billion pound case involving Barclays, Lloyds, and NatWest is set to reach the Supreme Court, stemming from consumer claims against lenders for undisclosed broker commissions in motor finance products. The Court of Appeal previously ruled such commissions unlawful unless transparently disclosed, a decision now under appeal. Analysts warn that a broad ruling could impact mortgage lenders, as many past broker remuneration arrangements may not comply with current standards.
Charlie Javice, founder of the fintech startup Frank, and former chief growth officer Olivier Amar were convicted of fraud in a $175 million case involving JPMorgan Chase. The jury found that Javice falsified user data to inflate her company's value, claiming over 4.25 million users when the actual number was closer to 300,000. Both face significant prison time, with sentencing yet to be scheduled, marking a dramatic fall for Javice, once celebrated in the fintech industry.
Charlie Javice, founder of fintech startup Frank, was convicted of defrauding JPMorgan Chase during its $175 million acquisition of her company in 2021. A federal jury found her guilty of multiple counts, including bank fraud, after determining she inflated Frank's user base from 300,000 to 4.25 million. Facing up to 30 years in prison, Javice's sentencing is pending, marking a significant fall from her status as a celebrated fintech innovator.
A plane registered to U.S. Bancorp Vice Chair Terry Dolan crashed in Brooklyn Park, Minnesota, on Saturday. While the bank believes Dolan was on board, the medical examiner has not confirmed this. The National Transportation Safety Board is investigating the crash of the Socata TBM 700, which had departed from Des Moines International Airport.
A plane registered to U.S. Bancorp Vice Chair Terry Dolan crashed in Brooklyn Park, Minnesota, on Saturday. The bank believes Dolan was on board, although the medical examiner has not confirmed this. The National Transportation Safety Board is investigating the crash of the Socata TBM 700, which had departed from Des Moines International Airport.
A plane registered to U.S. Bancorp Vice Chair Terry Dolan crashed in Brooklyn Park, Minnesota, on Saturday. The bank believes Dolan was on board, although the medical examiner has not confirmed this. The National Transportation Safety Board is investigating the incident, which involved a Socata TBM 700 airplane that had departed from Des Moines International Airport.
Charlie Javice, founder of the startup Frank, was convicted of defrauding JPMorgan Chase of $175 million by inflating her client base during the bank's acquisition of her company in 2021. Along with co-defendant Olivier Amar, she faces up to 30 years in prison for conspiracy, bank fraud, and wire fraud. The judge will consider a defense request to overturn the verdict next week, with sentencing scheduled for July 23.
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