NEW YORK (Reuters) – The U.S. Securities and Exchange Commission on Tuesday sued Charlie Javice, the founder of the Frank college financial planning platform, accusing her of defrauding JPMorgan Chase & Co into buying her startup for $175 million in 2021.
In a complaint filed in Manhattan federal court, the SEC said JPMorgan was eager to have acquired identity information for 4.25 million students that Javice repeatedly claimed Frank had collected, when in fact she had data for only about 300,000 students.
(Reporting by Jonathan Stempel in New York)
