Javice’s lawyer Spiro did not immediately respond to a request for comment about the FTC letter. … This tool does not make it any easier for students to get relief funds and appears instead to be a way for Frank to mine and exploit students’ data for profit.” Frank subsequently received a warning letter from the consumer protection agency. “We further suspect that the company may be using the data collected from misled students to make a profit by selling data to third party advertisers. Lloyd Smucker and Haley Stevens, wrote in a letter. “We are concerned that Frank is creating false hope and confusion for students while contributing to unnecessary extra work for financial aid administrators,” the lawmakers, including Reps. Amar and ASL Marketing did not yet respond to a request for comment.īipartisan members of Congress had sounded alarms about Frank back in 2020, calling on the FTC to investigate its “deceptive practices” and issue a temporary restraining order on the company to stop them. Amar, meanwhile, spent $105,000 buying a separate data set of 4.5 million students from the firm ASL Marketing, per the complaint. The complaint includes screenshots of the professor’s invoices and claims that Javice went to notable lengths to ensure documentation of this work was either destroyed or altered to avoid raising eyebrows. Using data from some individuals who’d already started using Frank, he created 4.265 million fake customer accounts-for which Javice paid him $18,000-and had it validated by a third-party vendor at her direction, JP Morgan alleges. It alleges that Javice and Amar first asked a top engineer at Frank to create the fake customer list when he refused, Javice approached “a data science professor at a New York City area college” to help. JPMC’s newest suit is nothing but a cover.”Īsked in her 30 Under 30 submission about the biggest hurdle the company was facing, Javice said: “Scaling.”įrank’s chief growth officer Olivier Amar is also named in the JP Morgan complaint. “After JPMC rushed to acquire Charlie's rocketship business, JPMC realized they couldn't work around existing student privacy laws, committed misconduct and then tried to retrade the deal,” Javice’s lawyer, Alex Spiro, said in a statement emailed to Forbes. Javice of misconduct” during and after the Frank acquisition. As part of those investigations, the complaint said, JP Morgan “falsely accused Ms. Javice out of the organization,” to deny her millions in compensation that she was owed. Javice’s conduct,” and later “manufactured a for-cause termination in bad faith” and “worked to force Ms.
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The former Frank CEO’s complaint claimed that the bank last spring “commenced a series of groundless investigations into Ms. The same week JP Morgan filed its suit against Javice, Javice filed a suit against JP Morgan.
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