25 and Ready to Steal: The Millennial Who Robbed JPMorgan

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A daring millennial shocked the world when he stole over $100 million from JPMorgan.

JPMorgan Chase made a landmark purchase of the college financial planning service Frank in September 2021, investing $US175 million ($250 million) to gain access to its 5 million student customers at more than 6000 American universities. This acquisition promises an “unparalleled opportunity for deeper engagement” with these students around their higher education finances.

Last month, the most influential bank in the nation made a startling confession: It had been duped.

In a legal action, JPMorgan accused Charlie Javice – the young founder of Frank – of executing an elaborate ploy to fill his customer list with false information.

“To profit, Javice resorted to deceit,” the suit said. “Frank’s accomplishments, stature and influence in the market have been grossly overstated – with lies told to exaggerate his success,” Javice’s lawyer has adamantly asserted that the bank’s claims are patently false.

JPMorgan’s legal document reads like a gripping novel containing unbelievable accusations. For example, Javice and Olivier Amar (Frank’s top growth and acquisition officer) allegedly falsified their customer list and hired an academic to deceive the due diligence squad of the bank.

Her business plan had an aura of good-doer, promising to help teenagers quickly file financial aid forms and save billions in the process. She even added a dot-org web address to demonstrate further her intention to help others.

“I assumed it would be a non-profit organisation that advocates for its causes,” said Carly Gillis, Frank’s former director of content and community in 2018. “It was a true David versus Goliath story!” she continued.

But according to JPMorgan, the upstart founder had far more sinister plans. In the bank’s lawsuit against Javice, it is alleged that he used Frank’s platform to commit a feat of financial fraud – stealing over $100 million from the banking giant.

Javice has denied all claims and continues to maintain his innocence. He has not been charged with any wrongdoing. However, the case is still ongoing.

This case shows just how far millennials will go to gain an edge in today’s competitive world – even if that means breaking the law. It’s a cautionary tale for established institutions and disruptive startups alike – don’t underestimate the power of a determined young person.

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