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JPM Chase Fooled by Frank Founder Free on $2M Bond now US Intervenes & Stays SEC Case

by Matthew Russell Lee, Patreon Book Substack

SDNY COURTHOUSE, June 21 – JPMorgan Chase bought a start-up called Frank, which claimed to have 4 million students signed up to file their FAFSA forms, for $175 million. Then Chase learned Frank had only 300,000 customers.

On April 4, 2023, Frank founder Ms. Charlie Javice was brought before U.S. District Court for the Southern District of New York Magistrate Judge Barbara C. Moses, represented by Quinn Emanuel. 

 The complaint quotes Javice messages with the engineers she hired to create the false data, and to enter in data she bought on the open market. To one of them, she is quoted, "We don't want to end up in orange jumpsuits."  

 In the tri-state, it is Westchester County Department of Corrections in Valhalla that dresses its inmates in orange. MDC Brooklyn uses beige; Essex County Corrections Facility in New Jersey uses yellow.

   In any event, white collar defendant Javice, who took on an appropriately or strategically contrite look on Worth Street still barricaded for the nearby state court arraignment of former President Donald Trump, was freed on $2 million bond, travel restricted to SDNY and EDNY and the Southern District of Florida, where she lives.

On May 18, Javice was indicted on bank, wire and securities fraud counts, and the case assigned to District Judge Alvin K. Hellerstein.

In June the US prosecutors sought to intervene in and stay the SEC's case against Javice. Inner City Press attended and covered the oral argument and now first reports that Judge Lewis J. Liman has granted the motions to intervene and stay, noting among other things that "Javice will have access to a vast amount of material usable in the civil case through the means of Rule 16 discovery in the criminal case. That discovery will include virtually all of the SEC’s investigative file. And it will include documents from at least 30 different third parties. She has not made a convincing case that she needs more document discovery to be prepared to move quickly in this case when the criminal case is resolved and the stay is lifted."

The (stayed) civil case is Securities and Exchange Commission v. Javice et al, 23-cv-2795 (Liman)

Back on May 22, Javice was arraigned, by video feed into the SDNY Mag Court. Inner City Press was there, thread here:

OK- now at Charlie Javice arraignment in SDNY Magistrates court - Javice is by video.

Mag Judge Gorenstein presiding. (Indicted case has been wheeled out to District Judge Hellerstein, who also has Trump removal of state criminal cass) Alex Spiro of Quinn Emanuel for Javice, also virtual

 Judge Gorenstein read off, To drfraud JPMC and a certain other bank."

Could it be now failed Signature Bank? In any event, why not name them? And, some ask, why is SDNY serving as collection agent for banks' lack of due diligence? 

Next date is July 13, 2023: "Deft. pres. w/attys. Alex Spiro and Maaren Alia Shah; AUSAs, Dina McLeod and Micah Fergenson pres.; Next PTC is set for 7/13/23 at 10:45 am; Time is excluded until 7/13/23; in the interest of justice; Deft. contd. on bail. (Pretrial Conference set for 7/13/2023 at 10:45 AM before Judge Alvin K. Hellerstein)."

Spiro: They won't show us how or if JPMC relied on her representations. It's Brady material. AUSA: It's voluminous. We could live with running the time off the clock.

Exclusion of time under Speedy Trial Act granted  5f order read out, adjourned.

Note also in SDNY, JPM Chase is a defendant in Epstein victims' case.

More on Substack here.

  Inner City Press will stay on this case - and other JPMC cases, including the Jeffrey Epstein-related case against Chase in which CEO Dimon must give discovery.

  This case is US v. Javice, 23-cr-251 (Hellerstein)


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