How did JPMorgan fall for fintech startup Frank?

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In March of 2021, an investor in student loan startup Frank read a glowing article about the young company, founded by then 28-year-old Charlie Javice as a way to help students navigate the byzantine world of student loans. Javice, during her relatively few years as a founder, received much positive press from several different outlets, including earning a spot on the Forbes 30 Under 30 list in 2019. The millennial founder was generating buzz, and the investor, one of Frank’s largest, forwarded one of these glowing profiles to an executive at JPMorgan’s Corporate & Investment Bank: Frank was getting inbound expressions of interest from prospective buyers, and JPMorgan “should have a look,” the email said, according to documents that would come out nearly two years later in lawsuits. This missive was then forwarded to Leslie Wims Morris, head of corporate development for JPMorgan Chase’s Consumer & Community Banking business, and another executive. Wims Morris said she would be happy to meet with Frank, and, depending on the angle, the bank would consider doing something…

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