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by ac29 1171 days ago
SDNY press release here: https://www.justice.gov/usao-sdny/pr/former-start-ceo-charge...
1 comments

This is what everyone should be reading, including their attached full complaint.

A key piece of evidence is around whether Frank had 4.25 million users or 300k. Javice (Frank's CEO) alleges JPMorgan Chase (JPMC) is misrepresenting what she provided, saying she merely anonymized the data by making it "synthetic" to a third party for verification to avoid sending PII to JPMC before the deal closed.

Here's the problem though: it (allegedly) wasn't anonymized data - it was fake data, and later when JPMC asked for the real data after the company was bought, Javice bought data for ~4 million students from a third party vendor for ~$100k, combined the data to build the "final database," and JPMC very quickly realized that most of the data was no good.