In January, when it was revealed that a college financial planning startup called Frank, which JP Morgan had acquired for $175 million, had allegedly scammed the bank by wildly goosing its user numbers, shockwaves reverberated through higher education circles. The news was all the more titillating because Frank, which claimed to have helped millions of students, was founded in 2017 by a 24-year-old woman named Charlie Javice, a budding entrepreneur from Westchester County with shampoo commercial hair and a smooth MBA patois honed at Penn’s Wharton School. Javice seemed every bit the business wunderkind, earning slots on Forbes’s 30 Under 30 and Fast Company’s Most Creative People lists.
The questions on everyone’s mind were: If the allegations are true, how could one of the world’s most venerable financial institutions have been duped by a millennial Wharton grad? Was it another Elizabeth Holmes tale, only set in the decidedly unsexy world of college financial aid? (Javice has said through her lawyer that the claims, which are included in a lawsuit filed by JP Morgan, are untrue.) According to JP Morgan’s complaint, in pitch materials, spreadsheets, and verbal presentations during the bank’s negotiations with Javice, she claimed that 4.25 million students had registered to use Frank. This number was enticing to JP Morgan, which was trying to grow its market of college-age students. When JP Morgan asked for proof of the accounts, Javice allegedly hired a data science professor to generate a fake customer list. The bank claims it had no idea Javice was nearly 4 million real customers short.
Denne historien er fra April 2023-utgaven av Town & Country US.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra April 2023-utgaven av Town & Country US.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Jersey, JE ΤΙΜΕ
Nearly 50 years ago a museum opened in Paris.
THE HUNGER GAMES
Two former bons amis grew up in the same expensive suburb and cut their teeth together in the Paris nightclub scene. Then they launched competing restaurant empires, and the gloves came off. Now one of them is facing a suspended prison sentence and a huge fine. Welcome to the city's most delicious grudge match.
HIDDEN in Plain Sight
T&C was invited into the private archives and secret workshops of Paris, to glimpse the treasures that have made this city famous for its style and craftsmanship. It's a reputation worth fighting for.
GUARDIAN of Objects
Laura Kugel is the go-to art dealer for the world's most discerning clients, but her family's Paris wonderland is open to all. Come inside, won't you?
Ecole! Elysée! SCANDALE!
The path to the French White House requires a political education at one of the country's elite universities. As controversy swirls around Sciences Po-class treason, #MeToo à la française, creeping le wokisme-will its grip on power finally slip?
Are There Still Mysteries in Paris?
Surely not, in the world's most visited city! And yet: Why is the Louvre called the Louvre? Why do the upper stories of its 17th-century buildings tilt in? Why do even familiar streets feel so enticing, unknown? One thing is clear: So many of us return because the City of Light is really one of mesmerizing shadows.
High SEAS
How seductive is a cruise on an ultraluxury ship (yes, that's a category) like the new Regent Seven Seas Grandeur? So much so that a 132-day sailing sold out in three hours. It was time to investigate.
The Cruise Cure
One definition of bliss at sea is padding down a ship's hallway from your suite to the spa in a robe and slippers. Here's what awaits.
Only a Day to Spare?
These hotel spas-mini-me's of destination, health retreats punch way above their weight. So, if you're in the neighborhood...
So, Where Do You Ride in Paris?
A fancy equestrian's guide to the best of Gallic galloping.
