Extra: In Charlie Javice Trial 10 Million Phantom Customers Floated and Commentary Called Out

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by Matthew Russell Lee, Patreon Book Substack

SDNY COURTHOUSE, Feb 26 – JPMorgan Chase bought a start-up called Frank, which claimed to have 4 million students signed up to file their FAFSA forms, for $175 million. Then Chase learned Frank had only 300,000 customers.

On April 4, 2023, Frank founder Ms. Charlie Javice was brought before U.S. District Court for the Southern District of New York Magistrate Judge Barbara C. Moses and was freed on $2 million bond.

On January 24, 2025 Inner City Press published the first book on the case, Fintech Fraudster? here

In the February 20 openings, both defendants' lawyers hammered JPM Chase, with Javice's Baez naming Jamie Dimon and his hunger for acquisitions. The US Attorney's Office objected; Judge Hellerstein said the case is not about JPM Chase. We'll see. Full thread here.

On February 21 as Houston Cowan took the stand, then paused due to audio problems, Javice filed that "evidence and argument regarding Bank-1 should be excluded." Letter on Patreon here.

On February 26, the second then third witness, with not four but ten million floated,

and running commentary from defense table called out.

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