Frank Founder Javice Moved Millions to Signature From JPMorgan

Frank founder Charlie Javice said she moved millions of dollars out of JPMorgan Chase & Co. accounts after the bank fired her and accused her of fraud but then wound up getting caught up in the collapse of Signature Bank.

Javice, whose college-finance site JPMorgan acquired for $175 million in 2021, said in a Friday court filing in Delaware federal court she moved her money to Signature in September 2022. JPMorgan had put her on administrative leave days earlier and would later sue her for fraud, claiming she vastly inflated the number of Frank customers during acquisition negotiations.

Charlie Javice outside court in New York on Tuesday, April 4, 2023.

Source: Bloomberg