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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.


  1. According to the Nicodemus article, what was the basic fraud of the case orchestrated by Ms. Javice?
  2. How much did JP Morgan pay to acquire Frank?
  3. What is the internal control procedure that the article is promoting to prevent this type of fraud?
  4. 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

Reuters Staff (2023). JPMorgan shuts down financial planning website Frank after suing founder. Reuters, Jan. 12 (Retrievable online at