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Core Viewpoint - The shocking fraud case involving Charlie Javice, founder of Frank, has concluded with her being sentenced to seven years in prison for defrauding JPMorgan Chase, which resulted in a loss of $1.75 billion (approximately 12 billion RMB) [4][7][12]. Group 1: Background of the Case - Charlie Javice founded Frank in 2016, a platform aimed at simplifying the student loan application process using AI [10]. - In 2021, Javice sold Frank to JPMorgan Chase for $1.75 billion, claiming the company had over 4.2 million users, while the actual number was found to be less than 300,000 [7][12][14]. Group 2: Fraudulent Activities - To inflate the user numbers, Javice created a fake dataset with the help of an external data expert and purchased real data to mislead JPMorgan Chase during the due diligence process [11][12]. - The fraudulent claims were pivotal in convincing JPMorgan Chase to proceed with the acquisition, as they aimed to tap into the Gen Z market [12][14]. Group 3: Consequences and Reactions - After the acquisition, JPMorgan Chase discovered the deception when a marketing campaign yielded only 10 new users, none of whom were students [13][14]. - Following the revelation, JPMorgan Chase terminated Javice and filed a lawsuit, leading to her conviction for multiple counts of fraud [14][15]. Group 4: Lessons for the Investment Community - The case highlights significant failures in JPMorgan Chase's due diligence process, raising questions about the effectiveness of their internal controls [22][24]. - The incident serves as a cautionary tale for investors, emphasizing the need for thorough due diligence, especially in high-stakes acquisitions [24][25].