The founder of the popular app for financial assistance provided to the students as a startup Frank who is Charlie Javice was taken down into custody after he illegally tried to fraud JP Morgan Chase by trying to sell her company in one seventy-five 175 US Million dollars the US securities and exchange commission on Monday midnight.
The SEC that is securities and exchange commission clearly states in a filed complaint at the district court of New York that he allowed JP Morgan Chase to let have trust on the fact that Frank had approximately around four and a half that is 4.5 Million users on the app but on the contrary to this fact the reality check was it had even less tha approximately three lacs that is 3,00,000 or even some fewer than these users.
The investigation carried out by the SEC ensures the amount undertaken by Charlie just for the proceedings of the stock were approximately 9.7 US million dollar in a very direct way but the much more amount much more millions are being taken in very indirect ways in which most probable was through the way of trusts and with the company sale that held back in 2021 there was a contract that makes her liable to a retention bonus of the twenty 20 US million dollar.
Miss Javice is engrossed in a very traditional form of defrauding someone as she started to prepare the web of lies about the success of Frank and how it has played a crucial role in assisting or helping the students in a very large numbers for their guidance in the process of aid to finance at a college level.
She made a fake up to date analysis of the data as very strong evidence for her plans and claims and she did as planned and used that forge information to instigate the JP Morgan Chase (JPMC) to sign to a transaction of an approximately one seventy-five 175 US million dollar and all these important information was given by the SEC director, division of enforcement, Mr Gurbir. S. Grewal.
There are all pre assumptions and rumours that she had to face and bear the imprisonment for a period that could be not less than some decades as she has been charged with several charges and that count in a row starting from the conspiracy charge then the charge of the wire fraud and for the securities fraud and then the last for the banking fraud and every one of these charges keeps a count and have the different sentence of punishments and if we collect it they all may amount to entire life in prison only now. She is anticipated to appear before the court of law on Tuesday.
The JPMC filed a suit saying that she used a misinterpretation of all the documents including the number of students enlisted in her app, even the success, the size and even how it has its root in the market it is for in December. According to one of the famous journals she denied all the allegations put against her in February.
The proceedings regarding this have been since then carried out in a court of law and now all the allegations have been proofed at midnight of Monday an order was been passed by the very authority to arrest her and this judgement could be a landmark one in today time when the crime we see is not much left with that of murder, theft or any other such kinds of stuff but its all about the Artificial Intelligence and the crime related to its world.