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.
The story of how Charlie Javice convinced JPMorgan her startup firm, Frank, had valuable data on 4.25 million college students—when it had less than 300,000 customers—offers a cautionary tale to compliance professionals on due diligence failures.
