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How JPMorgan was cheated of $175 million by a 'teenage prodigy'

JPMorgan claimed that Frank's young founder, Charlie Javice, had engaged in an elaborate scheme to stuff that list of five million customers with fakery

NYT

Premium

Then last month, the biggest bank in US said it had been conned

5 min read Last Updated : Jan 22 2023 | 11:54 PM IST

When JPMorgan Chase paid $175 million to acquire a college financial planning firm called Frank in September 2021, it heralded the “unique opportunity for deeper engagement” with the five million students Frank worked with at over 6,000 American colleges. Then last month, the biggest bank in the country said it had been conned.