Frank Charlie Gavis is facing the jury’s decision regarding genius claims or JPMorgan trial at $ 175 million
The federal jury in Manhattan will decide the fate of Frank Charlie Gavis, who may face up to 30 years in prison for fraud and conspiracy.
Jpmorgan Chase accused Charlie Javice, 32, and her executive director in Frank, Oliver Ammar, 50, from falsifying data to deceive the bank in obtaining its website for $ 175 million.
JPMorgan says Javice claimed that they had more than 4 million users who have already provided their login details
According to JPMorgan Chase, Javice confirmed that 4,265,085 people used Frank on the Internet or at least a free order for federal students’ assistance (FAFSA) during their meeting on July 8, 2021.
Javis is assumed that these 4 million users all presented their names, email messages and phone numbers; Some even gave more details such as social security numbers, addresses and income details.
However, whenever Jpmorgan requests to verify these numbers and data available, the platform refused to grant access, indicating privacy and conditions of service restrictions. I just reassured them that once the purchase is performed, all data will be available to them.
At the next two meetings, on July 12 and 13, 2021, Javis still confirms that all four users have provided their names, emails and contact details. Despite all these cleansing, the New York -based bank insisted on confirming the number of site users, which led to a compromise between the two companies.
They agreed that Javice will send a spreadsheet containing data on all 4.25 million users to a third -party marketing company for review and confirmation.
According to public prosecutors, Javice and Amar rented an external company to create a 465,085 row that repeats the statistical characteristics of its actual users. It is claimed that the website on the web includes only 293,000 users, who have not even provided FAFSA and Javice data only to give the impression of a large user base.
However, before realizing that the data had been forged, Cis Frank bought for $ 175 million to confirm the marketing company.
After completing the deal, Javice and Amar had to issue data on its users. However, the general prosecutors claimed that the data they subsequently provided was purchased on the open market for $ 100,000.
When the Chis team tried to test the data, they found that most email addresses are inactive or inappropriate. A former employee confirmed that more than 30 % of emails were inaccurate, adding that only 1 % of people who received a Chase email message have been clicked.
At a team meeting in early 2021 on Slack, some company workers wondered whether they had more than $ 4.25 million. One of them said jokingly, “This looks like Charlie numbers, and responds to it, another comment,” Charlie is the king of finding magic numbers, haha. “
Javice Legal team claimed that JPMorgan Chase was more interested in bringing her on board than their website data
JPMorgan Chase Bank secured only about 10 new students after spending $ 175 million to buy Frank, and submitted his case against Javice and Amar in December 2022. In the previous month, the Javice and Amar financial services platform was cut off later in January 2023.
The US Prosecutor’s Office in the United States has officially announced the Javis accusation regulations in April 2023, and on the same day, the Securities and Stock Exchange Committee also filed a civil lawsuit accused of fraud in the bank and securities.
To date, the Javice Legal team has used many different arguments to lot for their case. They even claimed that the bank is more interested in making Javis more alongside them than student data.
Pray that the bank took Javis as a student’s administrative director because he realized its capabilities, adding that Javis made the best 30 underlines under the age of 28. Defense lawyer, Jose Bayes, argued that the platform had negotiated with Javis and this is what they got. “
Her legal team added that it is clear that Gavis did not have any intention to deceive the bank, given that even before the start of the sale negotiations, she mentioned the extent of the site’s benefit to 300,000 students and families.
They even claimed that Chis had misunderstood Javis’s statements about the character of a 4 million user. Her lawyer, Christine Nelson, stated that Gavis was referring to the traffic traffic on Google Analytics, with 4.25 million. Mark Rawan, CEO of Apollo International, witnessed his witness, saying that the words used, the customer and the visitor are used to exchange, causing misunderstanding.
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