Founder of Frank Charlie Gavis, the jury body for a report soon: Swindler or a genius

• The closing arguments on Wednesday were determined in the New York fraud trial by Frank Charlie Gavis’s founder.
• Federal Public Prosecutors say JPMorgan Chase was to pay $ 175 million to its website.
• Her lawyers say JPMC got what she wanted in the deal – Javis itself – and then the ball floundered.

Four years ago, when Charlie Gavis began boasting that Frank, her website for financial aid, had more than 4 million students, and eyebrows retreated among her co -workers.

“Do we really have 4.25 million students?” They attracted the parties to the conversation behind it on the library correspondence application, Slack, during a team meeting in early 2021. “Is this real?” One recession, according to government evidence. “Why do I feel much smaller?”

When Frank’s worker joked, “These are like Charlie numbers,” another agreed: “Charlie is the king of finding magic numbers Haha.”

Early on Thursday, a federal jury in Manhattan will start the weight of fraud and conspiracy with a 30 -year prison sentence. The charges claim that Javis, 32, and her executive director in Frank, Olivier Ammar, 50, used fake data for JPMorgan Chase to buy the website for $ 175 million.

Jury will be asked to consider many millions of numbers scattered through data schedules, email messages, WhatsApp texts and stagnation messages surrounding the 2021 deal.

Ultimately, though, “Charlie number” will be one – and whether it is magic or only misunderstood – will be at the center of their deliberations.

This number is 4,265,085.

Prosecutors say this is what was eventually settled by Javis when, on July 8, 2021, she told JPMorgan executives about the number of individuals who used the site over the past four years to start at least to fill in FAFSA, or a free request to help federal students.

Prosecutors said that Javis assured Jpmorgan that each of these users gave Frank his first name, his last name, email and phone number. They said that it also told the bank that many of them had gave in addition to their social guarantee numbers, home addresses, birth dates, details of their income, their cash assets and investments.

All of this information can be if they buy Frank, the bank – the data points you can use to market credit cards directly and check the accounts of students at the beginning of their lifelong financial trips.

Prosecutors claim that when the bank asked to verify the impressive number, Javis pushed back, citing the user’s privacy and the restrictions of service terms.

During the meetings that lasted during the day on 12 and 13 July, 2021, Javis has repeatedly confirmed to the bank that the number represents real Frank users who collected at least names, emails and phone numbers.

Jpmorgan Chase keep pressing to prove.

So Javice and Bank agreed to a compromise-to-send to 4,265,085 rows of spreadsheet data to a third-party marketing company. The marketing company can review the spreadsheet and guarantee the bank that the data was there.

The problem, as the prosecutors, was the absence of a long -standing prolonged schedule. They say only 293,000 users have subscribed to Frank’s account and presented their names, emails and phone numbers to the site. Many of these account holders did not start FAFSA.

Prosecutors said that they were keen to wander in the deal.

According to the indictment against them, the two appointed an external company to create a false spreadsheet that reflects 4,265,085 rows of statistical properties of these 293,000 actual users.

Prosecutors say that this huge Excel is created by an external company in three days compared to $ 18,000 and is filled with “artificial data” to cancel the sale of $ 175 million.

“Everything was fake,” Federal Prosecutor Mika Vista Virginson said during April.

The parties signed the integration agreement in early August 2021. The deal closed a month later. Javis received $ 21 million immediately and started assembling on her annual salaries, which amount to half a million dollars.

JPMorgan, the country’s largest bank, bought Frank without putting eyes on the spreadsheet, so what to check has its numbers.

Instead, the general prosecutors claim that the bank relied on the third Javis marketing company, which confirmed that it has calculated the ranks of the data, but rather reached 4,265,085.

After the merger closed, Javis and Amar knew that their new presidents would need real numbers, says the prosecutors, they bought data available to the public for four million students, including names, emails and phone numbers, in the open market for $ 100,000.

When the data chis used to test a marketing campaign, “a lot of emails was old and did not succeed,” “No one clicked on it. It was completely unexpected.”

On Thursday, the former Frank employee witnessed that more than 30 % of emails were not valid. Only 1 % of the people who received a Chase Email actually clicked to open it said.

Ultimately, the test that is played using a Frank user -user -JPMORGAN user -dollarbstbu has led to $ 175 million to reach – to record 10 people to check a chase.

The bank launched an internal investigation. Frank’s website was dropped. JPMorgan Javis and Amar launched in November 2022 and sued them a month later.

The following April, the US Prosecutor’s Office announced the indictment of Javis. On the same day, the Securities and Exchange Committee announced that it had filed a civil lawsuit accusing the bank and securities, a case that is still awaiting a solution to its criminal case.

They wanted Javis more than her data

In court papers, opening data and arguments throughout a month trial, Javis’s lawyers cleared their hands on many defenses that may find their way to the final arguments scheduled for Wednesday.

They have argued that for Jpmorgan, the franc deal was more about getting Javis – a promising star of my beloved technology and media – more than her data.

The businessman made the smaller financing in the “30 Under 30” list in Forbes, and at the age of 28, he got one meeting on one with Jimmy Damon, the bank’s CEO.

Jose Bayes, the defense lawyer, said during the opening last month that JPMorgan rented Javice as a student administrative director because she was “an incredible young woman.”

“This is what Jpmorgan negotiated, and this is what they got,” said Bayz, a lawyer in Florida who successfully defended Casey Anthony.

Defense lawyers also argued that Javis was not intended to deceive Jpmorgan because before the merger negotiations, she said again and again in the interviews and in Frank’s pages that the website helped 300,000 students and their families.

They have argued that when Javis indicated that the character of a 4 million user, JPMorgan executives had offended.

“The number 4.25 million about the traffic traffic was based on Google Analytics.”

Mark Rawan, CEO of Apollo Global Management on Thursday, on behalf of Javice that terms such as “user”, “customer” and “visitors” were generally synonymous.

“The user can come, go and absorb Frank’s content without great interaction,” said Rawan, an early investor and a member of the Board of Directors.

Finally, the defense, as they did in the court papers, may argue that the bank has fabricated the allegations of fraud on the launch of the Javis “for the reason” and avoided paying the $ 20 million retaining reward.

Defense may argue that JPMorgan killed Frank after an e -mail marketing campaign that failed not because of fraud, but because JPMorgan Chase was the deaf tone to Gen Z.

Javis, the witness of Jennifer Zaitller, former marketing director of Frank, told jury on Thursday that young people rarely answer emails. The jury said on Thursday that the bank would have had better luck in sending texts instead.

“Ninety -nine percent of text messages are read,” as I witnessed. Instead, “We were just undesirable messages.”