JPMorgan Chose Not to Verify Javice’s User Data, Witness Says

JPMorgan Chase & Co. twice turned down opportunities to verify user numbers Charlie Javice provided ahead of the bank’s $175 million acquisition of her company, a witness testified at her fraud trial.

Matthew Toland, an executive for Acxiom LLC, the outside firm JPMorgan hired to vet user data for Javice’s student-finance startup, Frank, took the stand Monday in Manhattan federal court. Javice, 32, is charged with inflating Frank’s user numbers from less than 300,000 to more than 4.25 million during 2021 acquisition negotiations with JPMorgan.

JPMorgan asked Acxiom to simply check that the lines of data provided by Javice ...