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Investment: JP Morgan wants its insurer to pay after buying a fintech accused of fraud

23/06/2023
Categories: Companies

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Following the acquisition of the start-up Frank, the American bank seeks compensation for 10 to 20% of the 175 million dollars paid.

The founder of the student aid fintech is accused of falsifying her customer files. After appealing to the judges, JP Morgan turns to insurers. The first American bank is asking the company that guaranteed its acquisition of the fintech Frank to compensate it, after revelations of fraud on

its customer portfolio.

In its publication, the “Financial Times” indicates that Charlie Javice, the founder of fintech, faces up to thirty years in prison for fabricating a fake file of 4.25 million customer names, instead of the 300,000 that she served.

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