JPMorgan files lawsuit against Wharton grad, saying her financial aid company was a fraud

A massive bank is suing a 30-year-old Wharton graduate, alleging she inflated her company’s value before selling it for a cool $175 million.

Court documents indicate that Javice told JPMorgan executives that Frank had 4.25 million users in a database that included their full names and contact information. Buying Frank would give the bank access to a Rolodex of new, curated college-aged students in need of financial assistance and a bank to work with.But after the merger closed, the bank attempted a test marketing campaign to a segment of Frank’s customers.

Those emails allegedly revealed a scheme between Javice and a data science professor she hired to create fake customers to provide to the bank.

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