Charlie Javice’s high-profile fraud trial has change into a showcase of embarrassing missteps on either side, with eyebrow-raising particulars about how JPMorgan Chase was allegedly deceived into shopping for her startup, Frank, for $175 million when it had simply 300,000 prospects as a substitute of 4 million.
Per a brand new WSJ article, one pivotal second got here when former Frank engineer Patrick Vovor testified that he refused Javice’s request to create faux consumer knowledge only one week earlier than the sale, recalling she mentioned to him: “Don’t fear. I don’t need to find yourself in an orange jumpsuit.” When Vovor declined, Javice allegedly turned to a math professor to generate artificial consumer knowledge, which was then submitted to JPMorgan. (In courtroom, Javice’s authorized crew painted Vovor as a scorned suitor.)
Along with JPMorgan’s failure to correctly vet Frank’s consumer base, different uncomfortable particulars have been surfaced, together with that Leslie Wims Morris, who led the deal at JPMorgan, reportedly despatched a notice to her crew, underlining segments from CEO Jamie Dimon’s annual letter to traders in 2021 and including that generally “there’s no must do evaluation in any respect.”
Javice’s attorneys mentioned in courtroom that it’s proof JPMorgan didn’t suppose it wanted to test its work, however Morris testified that it was tongue-in-cheek and written as “a joke to my crew.”
