Acquisition Due Diligence Fraud Story
In 2021, JPMorgan Chase paid $175m for Frank, a college financial aid platform.
Founder Charlie Javice claimed Frank had 4.25m customers, per The Wall Street Journal.
But when JPMorgan sent emails to 400k users, only 28% were delivered.
Now, JPMorgan is suing Javice and Frank exec Olivier Amar, alleging they faked 4m+ accounts to bolster the startup’s value when, in reality, it had less than 300k customers.
How would find this in Due Diligence? test email?
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