Former Frank college financial aid start-up executive Olivier Amar was indicted last week and accused of helping defraud JPMorgan Chase into buying the company for $175 million, according to court documents.
Gabby Jones / Bloomberg via Getty Images fileOlivier Amar, a former executive at the college aid startup Frank, was indicted last week
The four federal counts filed against Amar, the start-up’s chief growth officer — wire fraud, bank fraud, securities fraud and conspiracy — were added to a case against its founder, Charlie Javice. Separately, the Securities and Exchange Commission added Amar as a defendant in its civil suit against Javice, which also alleges fraud.Javice and Amar hired a data scientist to fabricate a list of users that appeared to show the company had 4.25 million student customers whento support Frank’s data, according to the complaint from the SEC. The company had fewer than 300,000 users, the complaint said.
JPMorgan learned of the alleged scheme when it sent an email marketing campaign to the list of supposed Frank customers and it generated very few responses, according to the SEC complaint.
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