Frank founder Charlie Javice was arrested Monday night in New Jersey, facing fraud charges from the SEC and Justice Department, where a criminal investigation is underway.
for allegedly fabricating millions of fake customers to lure America’s largest bank into buying her company. The U.S. Attorney's Office for the Southern District of New York is also conducting a parallel criminal investigation into the case.
"Rather than help students, we allege that Ms. Javice engaged in an old school fraud: she lied about Frank’s success in helping millions of students navigate the college financial aid process by making up data to support her claims, and then used that fake information to induce JPMC to enter into a $175 million transaction," Gurbir Grewal, director of the SEC’s enforcement division, said in a statement.
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