Episode 356: How did JPMorgan get duped for $175 million?

This episode examines two recent articles from The Wall Street Journal (subscription required) titled “She’s accused of duping JPMorgan. Somehow, the Bank is feeling the heat” and “Charlie Javice found guilty of fraud in JPMorgan case.” Charlie Javice was an entrepreneur who started a company called Frank that helped students get access to financial aid. JPMorgan was so impressed with the company that it decided to purchase it for $175 million in 2021. Shortly after the purchase, JPMorgan figured out that they had been duped. As the case is decided in court what are we to make of this entire fiasco?