The trial against Charlie Javice, founder of fintech startup Frank, has commenced, with legal battles stemming from a lawsuit by JPMorgan Chase. The bank asserts that Javice misled them into purchasing her company for $175 million by falsifying millions of customer accounts. The SEC has echoed these claims, citing misrepresentations about the user base. In defense, Javice's attorneys counter that JPMorgan failed to perform adequate due diligence, framing the lawsuit as a consequence of the bank's regret following regulatory changes affecting financial aid forms.
JPMorgan claims that Javice had helped 'fake millions of customers' to induce the bank to buy her company Frank for $175 million.
Javice's lawyers argue that the lawsuit is due to buyer's remorse from JPMorgan, claiming they did ample diligence before the acquisition.
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