JP Morgan × Frank Acquisition

Founded in 2016 by 24-year-old Charlie Javice, Frank helped students find scholarship money through an online college financial planning platform that guides students through the online FAFSA Free Application for Federal Student application, helping complete 100 questions within a few minutes. In September 2021, Frank was purchased by JP Morgan for $175 million to deepen ties with college students. A year later, JP Morgan Chase sued Javice and Frank chief growth officer Olivier Amar for fraud, alleging that they lied to the bank by making up millions of fake student accounts. The SEC charges Javice with fraud in 2021 she was arrested in April 2023 and has denied the allegations. JP Morgan CEO Jamie Dimon called the acquisition was a huge mistake.