Jamie Dimon was duped for a $175m in a blatant scam (Frank financial aid) while busy going around calling bitcoin a fraud.
nytimes.com/2023/01/21/business/jpmorgan-chas...
nytimes.comPosted Apr 17, 2023, 4:40 AM UTC
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nytimes.comtldr; JPMorgan Chase has sued Charlie Javice, the 24-year-old founder of college financial planning startup Frank, for $175 million for allegedly faking its customer list and hiring a data science professor to pull the wool over the eyes of the bank's due-diligence team. "To cash in, Javice decided to lie," the suit said. "Including lying about Frank's success, Frank's size and the depth of Frank's market penetration
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There’s a Nicolas Cage joke hiding in this one.. I just know it.
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Well, I’m not sure about a joke, but if they make a movie about it I guarantee you he’ll sign on. He’ll say things like “Sorry boss, but there’s only two men I trust. One of them is me, and the other one is Frank”
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It was the pic ;). All I see is n cage.
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Jamie Dimon and his mob made billions of the metals manipulation that last over a decade but then when someone (Charlie Javice) fucks them and they might get 120 years in prison.
Jamie Dimon is piece of fucking shit and him and his goons should all be doing life if you ask me.
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...i wonder if a bitcoiner has ever been scammed by something...
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In Sept 2021, JP Morgan paid $175m for _Frank_ which had just made up 4 million fake customer accounts (80% of their supposed customer base), and they didn't catch that until after the sale. There were many other obvious signs the company was a fraud, but apparently even basic due diligence wasn't performed.
Seems like Jamie Dimon just has no idea what his company is up to, or can't tell the difference between a scam and a real technology/investment like bitcoin.
There's a good podcast on the story here https://www.wsj.com/podcasts/the-journal/a-175-million-huge-mistake/9bed0d09-9f09-4f18-b546-a418e934f9bf