Frank Founder Charlie Javice Jury to Decide Soon: Swindler or Genius

• Frank founder Charlie Javis’s New York Fraud Trial has set closing arguments on Wednesday.
• Federal prosecutors say Jaees cheated JP Morgan Chase for paying $ 175 million for his website.
• His lawyers say that the JPMC found whatever he wanted in the deal – Jaees himself – then the ball flareed.

Four years ago, when Charlie Jaees began to be proud that his financing website, Frank, has more than 4 million students, was shot dead by his fellow workers.

“Do we really have 4.25m students?” He chatted behind his back on the office messaging app, silk during the team meeting in early 2021. “Is this a fact?” According to official evidence, one slowed down. “Why do I think it’s so small?”

When a Frank worker joking, “These look like Charlie numbers,” another agreed: “Charlie is the king to find the number of magic.”

In early Thursday, a federal jury in Manhattan will begin weight on allegations of fraud and conspiracy, which will be sentenced to 30 years in prison. The allegations alleged that 32 -year -old Jauses and his top executive, in Frank, 50, Frank, used fake data to buy JP Morgan Chase for $ 175 million.

Georis will be asked to consider the number of numbers scattered in the spreadsheet, emails, WhatsApp texts, and slack messages around the 2021 contract.

Finally, though, whether a “Charlie number” – and whether it was magic or merely misunderstanding – would be the focus of their conversation.

This number is 4,265,085.

Prosecutors say that when on July 8, 2021, he told JP Morgan executives that Jaees finally decided how many people used the website in the last four years so that at least the FAFSA could be filled up, or a free request for a federal student.

Prosecutors said Jaees assured JP Morgan that each of these users had given Frank’s first name, last name, email and phone number. He said that he also told the bank that many of them had given Frank details about their social security numbers, domestic addresses, date of birth, and their income, cash assets and investment.

All this information may be their case if they purchased Frank, told the bank – data points that they can directly use chase credit cards and students to check accounts at the beginning of their lifetime financial journey.

Prosecutors allege that when the bank asked to confirm the impressive numbers, Jaees pushed back the user’s privacy and service conditions, citing restrictions.

During a day -long meetings on July 12 and 13, 2021, Jaees repeatedly assured the bank that the number represented real Frank users from which the website had collected at least names, emails and phone numbers.

JP Morgan Chase continued to press for proof.

Therefore, Jaees and the bank agreed to compromise-they will send their 4,265,085 rows to the rows of spreadsheet data to the third-party marketing company. The marketing company can review the spreadsheet and assure the bank that the data is there.

Prosecutors alleged that the problem was that there was no such spreadsheet. He says only 293,000 users had ever signed up for the Frank account and presented their names, emails and phone numbers on the website. Many of these account holders never started the FAFSA.

Prosecutors argued that Jaees and Amar were not suspected to terminate the deal.

According to the indictment against them, the two hired an external company to create a fony spreadset whose 4,265,085 rows will mirror the statistical features of these 293,000 original users.

Prosecutors say the widespread Excel spreadsheet was built by an external company in three days, 000 18,000 and was filled with “artificial figures” to get $ 175 million sales.

“All this was fake,” Federal Prosecutor Mika Festa Fergenson said during the arrest of Jaees in April.

The sides signed a merger agreement in early August 2021. The deal closed a month later. Jaees immediately received $ 21 million and started depositing his half million dollars on annual salary and bonus package.

JP Morgan, the country’s largest bank, never bought Frank without looking at the spreadsheet, did not review the number.

Instead, the prosecution is accused, the bank relys on Jaees’ third party marketing company, which assured that it had counted the data rows, and, in fact, their number was 4,265,085.

After the integration was closed, Jaees and Amar knew that their new owners would need a real number, so, prosecutors say, they bought publicly available for four million students, including names, email and phone numbers in the open market, in the open market.

When Chase used data to test the marketing campaign, “many emails were old and did not work,” Prosecutor Fergenson said on the arrest of Jaees. “Almost no one clicked it. And it was absolutely unexpected.”

A former Frank employee testified Thursday that more than 30 % of emails were incorrect. He said that only 1 % of people received the Chase Email actually clicked to open it.

Finally, the test run using Frank’s user spreadsheet – Spreadsheet JP Morgan spent $ 175 million for access – which resulted in 10 people signing up for the Chase Checking Account.

The bank launched an investigation into the country. The Frank website was down. JP Morgan fired Jaees and Amar in November 2022 and tried a month later.

In April, the US Attorney’s Office announced the Jaees’ crime. On the same day, the Securities and Exchange Commission announced that it had filed a civil case with the bank and securities fraud, a case that is under the resolution of his criminal trial.

They wanted Jaees more than his data

In the arguments during the judicial papers, opening statements, and a monthly trial, Jaees’ lawyers have stated their hand on several defenses that can find their way in the final arguments set on Wednesday.

He argued that for JP Morgan, Frank Dale Javis was more about the acquisition – which is more than a Fantake Star and Media Darling – more than his data.

The microfinance businessman had made a list of Forbes’ 30 U -30 “and at the age of 28, the bank’s CEO had a one -on -one meeting with Jamie Demon.

Defense lawyer Jose Bayes said during the opening statements last month that JP Morgan hired Joyce as his managing director for the resolution of the students because she was an “incredible young woman”.

Casey Anthony successfully defended Florida’s lawyer, Bayes, told judges, “They saw something in CEO Charlie, a young woman, breaking the glass roof.” “JP Morgan talked for him, and that’s what he got.”

Defense lawyers have also argued that Jaees did not intend to deceive JP Morgan because before the integration talks, he repeatedly said on interviews and Frank’s pages that the website had helped 300,000 students and their families.

And he argued that when Jaees cited 4 million consumer data, JP Morgan’s executives misunderstood it.

“Google Analytics -based website traffic was about 4.25 million data,” his lawyer Kirsten Nelson said in a court filed in a court earlier this month. “

Mark Rowan, CEO of Apollo Global Management, testified on Thursday by Jaees that terms such as “user,” “customer,” and “visitor” were usually synonymous.

Early Frank Investor and Board Member, Rowan, said of millions clicking around the website, “A user can coincide and go and absorb emotional content without clearly interacting.”

Finally, defense can argue, as they have judicial papers, that the bank has given rise to fraud charges of avoiding Jaees from “firing” for the purpose and paying the bonus of 20 million to keep it 20 million.

Defense can argue that JP Morgan killed Frank after the email blast marketing campaign, which was not due to fraud but because JP Morgan was deaf for the chase general Z.

On Thursday, Jennifer Zeller, a former Frank Marketing manager, Jennifer Zeller, Jennifer Zetler, rarely responded to emails. He told the jury on Thursday that it was better to send texts to the bank instead.

He testified, “Nineteen percent text messages are read.” Instead, “We were just spaming people.”