According to Compliance Week, JPMorgan Chase Bank was fooled into wildly overpaying for a student loan assistance company after the bank dropped its guard on how carefully to vet the startup’s customer database.
- According to the Nicodemus article, what was the basic fraud of the case orchestrated by Ms. Javice?
- How much did JP Morgan pay to acquire Frank?
- What is the internal control procedure that the article is promoting to prevent this type of fraud?
- What was Ms. Javice’s cover in the dispute?
Nicodemus, A. (2023). Alleged fraudster cited privacy in duping JPMorgan into $175M merger. Compliance Week, April 5 (Retrievable online at https://www.complianceweek.com/opinion/alleged-fraudster-cited-privacy-in-duping-jpmorgan-into-175m-merger/32925.article)
Reuters Staff (2023). JPMorgan shuts down financial planning website Frank after suing founder. Reuters, Jan. 12 (Retrievable online at https://www.reuters.com/legal/jpmorgan-shuts-down-financial-planning-website-frank-after-suing-founder-2023-01-12/)