JPMorgan Chase Bank was fooled into wildly overpaying for a student loan assistance company after the bank dropped its guard on how carefully to vet the startup’s customer database.

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Aaron Nicodemus is the Editor-in-Chief of Compliance Week. He previously worked as a reporter for Bloomberg Law and as business editor at the Telegram & Gazette in Worcester, Mass. Email: aaron.nicodemus@complianceweek.com LinkedIn:...