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Core Insights - The article discusses the downfall of Charlie Javice, a founder of the startup Frank, who was sentenced to seven years in prison for defrauding JPMorgan Chase by falsely claiming her company had over 4.2 million users when it actually had fewer than 300,000 [6][10][15]. Group 1: Company Overview - Frank was founded in 2016 as a platform to simplify the student loan application process using AI, targeting the pain points of students applying for financial aid [8][12]. - In 2021, Frank was sold to JPMorgan Chase for $1.75 billion (approximately 12 billion RMB), with Javice receiving around $21 million from the deal [9][10]. Group 2: Fraud Details - Javice created a fake user dataset to mislead JPMorgan during the due diligence process, spending $18,000 to hire an external data expert and $105,000 to purchase a real dataset to fabricate the numbers [8][9]. - After the acquisition, JPMorgan discovered the fraud when a marketing campaign revealed only 28% of emails sent to supposed users were delivered, resulting in just 10 new accounts, none of which were students [10][15]. Group 3: Legal Consequences - Following the exposure of the fraud, JPMorgan terminated Javice and filed a lawsuit, leading to her conviction for bank fraud, wire fraud, and securities fraud [10][15]. - The case has been described as a significant embarrassment for JPMorgan, which has over $4 trillion in assets and a history of complex transactions [15][16]. Group 4: Industry Implications - The incident highlights the importance of thorough due diligence in investment decisions, especially in high-stakes acquisitions [15][16]. - The article suggests that the rush to invest in high-valuation startups can lead to inadequate scrutiny, resulting in significant financial losses for investors [16][17].