Fraud is fraud ,Spoilt privileged brats is what comes to mind with the likes SBF and Holmes and now Jarvis. I foresee all of the behind bars in jail cells. Just saying 🤗
I think fraud and scams are so pervasive that you actually asked the question about what we think. I understand you’re trying to provoke comments for the algorithm, but you should’ve just asked for them. She should be forced to return the money and do at least 20 years in prison. This anything goes, zero consequence, no accountability society we’re morphing into is a recipe for a disaster. Personally, I’m disgusted by the direction this country has taken. We need to be focused on honor, integrity, kindness, and those who possess them. Those are the qualities that are going to promote a more harmonious and productive society allowing the opportunity for progress and prosperity.
Feminists Liberal democrat white women are often the biggest con crinimals. It is because they look innocent and try to act righteous. Only fools would fall for this scam!!
they do. when you open up new accounts, they often give u cash equivalents in lotta banks these days. ie "bonus interest rate on your savings, to a max of $x"
@@wli2718 Actually the student accounts "pay" you by removing the monthly maintenance fee requirements, I think you need to provide info to validate your current education situation. I'm sure they have sign up bonuses too. Fact is in banking most of the time when people nest at a bank they never leave, so getting people early makes lifelong customers. (Even though you should pick/switch your financial products like you would any other product or service, go where is best for you but most people are afraid of changing banks).
She actually looks eerily like Elizabeth Holmes' first cousin, minus the turtleneck. It is also astonishing how the JP Due Diligence team took the bait before throwing $175M for an acquisition. Using Margin Call footage is quite apt, given how badly JP got defrauded.
You’d think validating the users would’ve been easy. Smh. So many data points could’ve solved that for them. I guess it’s at least good they caught it early 🤷🏽♂️
Ridiculous that JP Morgan didn't ask for evidence from Frank's own email marketing campaigns. Every email marketing campaign software produces a detailed dashboard of results including open rate, click through rate, etc. That JP Morgan failed to conduct this basic due dillgience is shocking.
Yep, that’s a problem. I work with entrepreneurs and they are often absolutely clueless about a lot of simple stuff like that … then they hire people for marketing who don’t know either, and the people they hire are more clueless than they are.
Maybe, for me something is not adding up, given the fact that her father is a well known broker at W-street.... Imagine normal people like you and me committing this kinda crime we'd be behind the bars and she lives in a condo at Miami beach..
@@CreativeMind-ux1ob She is out on a 2 million dollar bond, and she likely moved to Miami in a bid to save her assets from J.P. Morgan Chase and her other creditors due to Florida being the state does the most to protect assets of grifters like her. None of this actually matters tho given that she is facing both a criminal and civil trail, with the Feds having a convinction rate hovering over 98% and ensuring that her criminal trial proceeds her civil trial; all but ensuring that if she is convicted by The Feds, her losing the civil trial defense will be all but dead.
Make loads of money… wait years for them to catch up with you… slap on the risk fine or a short stay in a nicer jail…. Book deal…. Netflix show (where they pay you, rather than the folks who worked hard to catch you)…. Go on the speaking circuit…. Offer two day master classes… Push surface level online courses about some arbitrary rubbish…. semi retire in style!
That's why kids/ family channels on UA-cam and other platforms are so advertiser heavy because of the catch'em young idea. However unlike Pokémon, people will move around freely based on life events. I had a WaMu bank account in college because I liked the way the bank handled things and was more welcoming. Luckily I left a month before the collapse because they didn't have any branches near my school when I return in the fall. Also Chase had ATMs everywhere.
@@samsonsoturian6013 Sounds like another case of the elites spoon feeding us a load of nonsense in order to pillage, plunder and steal. If you really think that $175 million was swindled from this powerful organization then you have a lot of growing up to do. Not possible!
Due diligence team at JPM totally in a coma. "hey... some 28 y.o Elizabeth-holmes-lookalike is here to sell us something with 4 million users.... uh ok... give her 175mm and a corner office... ok cool" 😂
The FAFSA application is like any other application. A bit long but straight forward. Nothing hard about it ! smh! I filled it out 22 years ago manually very quickly.
But that's not a red flag... you don't need to be using student loans to recognize an opening in the student loan market. Maybe she saw people around her having problems with student loan apps.
@@ktktktktktktkt You ever apply for FAFSA? It's not overly complicated at all. I can't imagine she was friends with people in school who needed loans either, but it's possible that she did. I think those ultra-wealthy people tend to stick together.
I work in higher ed. When I heard about this all I could do is chuckle about how every last new thing that comes out of the tech sector is basically someone attempting to insert themselves as a middleman into some already existing process while providing little actual value. FAFSA applications are guided by financial aid counselors that are specifically employed by any given school to help students along with the process. They're specifically on the payroll to help students figure out how they're going to pay for college. This isn't just about processing paperwork. When I heard the numbers that this woman was putting forth, I just laughed. You're talking about a fundamental paradigm shift off of an established pattern that's been going on in universities and colleges in the US for decades. The only reason people listened to this woman in the first place is because she comes from a finance household in NY and went to Wharton. That's it. That's the bit.
that's the part people keep missing in this whole ridiculous story. FASA forms are not difficult or very time consuming to fill out in the first place. This is just another example of how for the most part...tech start-ups are just nonsense scams that make up solutions to problems that don't actually exist in the first place.
My first thought was, why do people keep giving white women huge investments without proper DD while POC struggle to get capital for profitable and scaleable businesses?
Because she's pretty. A lot of investment bankers sexualize wealth. Look how Ms. Javice does her hair just so and never breaks intent eye contact with the interviewer and/or the camera.
Everything is such a scam and Google is complacent with murder and all their execs and suppression censoring programmers should be jailed or put to death (preferably without mitigation)in the states that have death penalty. That would be a good investment of tax payers money.
I am sorry, but how long did they think they could just keep lying to a major bank about having more than just around 10% of actual user for your app before getting caught
I suspect she never though such "reputable" JPMorgan would not want her no-profit company, just ad campain targets. Or it must have been obvious such campain would bust her fraud.
And perhaps a love of getting away with something ... she would certainly know better (background & education). And would absolutely know the meaning of fraud & the law. *There is obviously more to this story that is not being disclosed. Just too strange.
She's so bold to commit that level of fraud. I would be worried sick while waiting for the inevitably of all those emails bouncing back because the users were all faked.
Pretty people always get the benefit of the doubt. I'm sure there were doubts. I was in corporate development for a large bank for many years. The level of detail during due diligence is tremendous. I hate to say it but the better looking someone is the more we want to believe the story. But fraud is fraud - everyone should be treated the same regardless of background, race, wealth or looks.
And the Martha-Stewart-go-to-jail effect here, with Ms. Javice. She went to Penn, I believe; did her degree in business, with emphasis supposedly on business law, ethics etc. Her father is apparently 'an invester' (vague, I know), & she apparently grew up nicey-nice in Westchester NY, all giving her cred & experience & Wall St. appeal. In sum, she should have known better ... Ms. Javice may enjoy scamming. Interesting to note that, Elizabeth Holmes' Dad sat on the board of Enron ... an affinity thing? Call a good shrink.
Its general human psychology. We're more attracted to and more forgiving/believing to better looking people. It's funny to see this coming back. Even in the highest sectors , when talking about 100mille +
I can't believe Jamie Dimon got suckered this easily. This guy was praised by many as a brilliant and ruthless businessman. I saw a video about him on FINAiUS UA-cam channel.
Do you really think Jamie Dimon was highly involved in the due diligence process , more likely a few teams of overworked M&A employees that overlooked the red flags.
When committing financial fraud one simply pays a fine, walks away with ~ 90% of what was really scammed and then writes a book, complete with a book and talk show tour to make more millions while expressing their deep, sincere apologies for all that went wrong.
@@llhannah9297 ...but she didn't tho. She was at vest a C-Student, and she was caught more than a few times cheating. I suggest you actually you do a bit of research past the middling reporting presented in this clip before you start running your mouth about what a great student she was.
@@llhannah9297 ...and to drive the point home, but Javis and Holmes were at best C-students who were able to attend the institutions they got into via their connections. Go look it up and stop being so embarrasingly naive
So in other words, based upon the date of the Ground News article, you just take ideas from that source and repeat them to us on your youtube channel. Lazy and unoriginal.
The trouble with that, is that it was costing her VC investors millions in marketing and maintaing the website, with literally no revenue. Eventually, they would have run out of money, probably before they found a buyer. And if the buyer knows you're running out of money, they can just buy the data from the administrators for a fraction of the cost when you inevitably go bankrupt. The whole "grow a business, work out how to make money later" business model is really stupid.
It's not that difficult to find email lists with millions of users. They could've easily made the data look more legitimate. But the response rate for the email campaign would've still been abysmal. They would've found out no matter what.
To be fair she got 175m she could have spent a good 20-50m of that on a true email list of people that would have at least opened the emails and been a much better defence of fraud... What the hell do you expect for a list of 4m people that cost 100k!?!? 2.5 cents per person?!?!? ridiculous... basically a rinsed out Viagra spam list... Absolute Greed and incompetence on all sides but if she ends up in jail it was her own fault for shoddy execution in the end...
@@princecharming7535 With all the email lists floating around from hacked emails they definitely could have purchased from there. If bounced emails are all they had to go on its not much.
Yes, sex does get investment banker's attention. A lot of these guys sexualize wealth, and you can tell by how Ms. Javice does her hair just so and looks at the camera that she knows this.
Where is the due diligence ? I put more effort and research into buying the best bread toaster than these bankers ever do ! Guess their cash is too easy and free-flowing.
They're going to have to eat this one. This deal was at the table for months, tons of due diligence was conducted (which is far more detailed than this video suggests), and they still took the bait on a fraudulent company. They knew it was a bad deal but the bankers were probably graded on how many MA's they completed.
I was studying business mgmt online at a university… I can assure you that most graduates have the intellectual prowess of 7th graders. Garnering a bachelors degree doesn’t impress me at all.
Ummm, no, they will easily win a lawsuit. She defrauded them, you cant give someone fake info and be like oh you looked at my fake info for months, its on you!
Just as founder of FTX, Sam Bankman-Fried said, you just gotta use the right Shibboleths - democratizing, empowering, and equality etc. etc - brrrr profit !
Greed…she should have told the truth initially and settled for a few million. JP would have still been interested since the site is a useful tool and likely would have gained in popularity
The sad thing is that these scammers will make it extremely hard for genuine legitimate entrepreneurs to get funding, because the corporations will no doubt be ultra skeptical and you can't even blame them....smh
its better to leave it out. because if you put it in. then you can only sue for items on that list. and u would not be able to predict what kind of fraud in advance.
Usually this clause is there for the liabilities in the balance sheet. With no revenue declared they did not focus on this. They had such a bargain at 45 bucks. They rushed to do the closing.greeeedy bankers
Dunno about that. She appears to be the bad combination of entitled and dumb. Probably doesn't realize how much evidence was left around. Probably too lazy to read the court filings against her too. Of course given the "entitled", you could argue that she won't suffer much from her crimes and will likely go on to a successful career in government since that is obviously her calling.
She looks too much like Elizabeth Holmes! It is uncanny! Her facial features and the expressions are too much alike to be chance! Maybe closely related? Wow!
I just can't believe how many of these people commit fraud with absolutely no exit strategy whatsoever. If the end of this story was that she could not be found anywhere in the world I would understand it. But that doesn't seem to have happened.
That loss should come out of Jamie’s salary. Or he should have been fired. He was extremely careless with the bank’s money. How is he explaining this to the shareholders? 🤔🤦♀️
Really disgusting to see any business scam another business, especially a reputable company like JP Morgan chase whose operations have always been well above board and scrutiny!
Hmmm, weren’t they the bank that Bernie Madoff used to run his Ponzi scheme through. I believe they had to pay a 2 billion dollar fine for failure to report suspicious activity in the account. Nothing to see here folks.
So JPM didn't really do proper due diligence. No doubt that's the reason they have kept quiet about it. After all, $128m is petty cash for JPM. They lose that on a regular basis on some of their deal transactions.
No matter how difficult to fill in a form I wouldn't pay someone to do it for me. As for JP Morgan. They fell for the trap of thinking they were on to easy money. She should have cashed in, invested in plastic surgery and then migrated to a country without a US extradition agreement
@@fav843 You make a very good point. I wonder if there is a generational aspect to it. I grew up filling paper forms. Now in a world where pen and paper aren't necessarily the norm then the attraction of such a service is understandable. Apart from my preference, I may have been swayed somewhat by the fact that in the UK there have been cases of companies offering to fill in forms for persons, usually to claim tax refunds or something they are entitled to, which have turned out to be scams of some sort.
I agree fraud is against the law. But it is a commercial deal. Due diligence is supposed to find irregularities. It is buyer beware. She may get away with no criminal charges.
Well done to her! 💪🏻 If the bankers couldn't conduct the most basic of due diligence processes - a fool and their money are always soon parted. OR - more likely - users left the platform the moment they heard about the acquisition. So now JP is left holding a brand with zero goodwill - write off the loss and move on, JP. Not to mention if this were the case - JP's maths still doesn't add up. If their conversion rates is based on a 1% conversion rate - they still are still 9% ahead of their target. Any way it's spun - Caveat Emptor. This one's on JP.
So we have college students that find filling out FASFA for financial aid and providing documentation is too much. Dont buy a house. The fact that FRANK exsisted is a testimate to the laziness of this country.
You would think bankster Jamie Dimon would check to make sure the users and customers are real before paying $175 million. He did not care. As usual Jamie only started caring when regulators or stockholders cry foul.
It looks like that, first big sharks squeeze out money from hard-working people, and later their kids steal back their money, back from the big sharks. Crazy cycle of money.
She made such a dumb error, she should have given JP Morgan an equity stake for $10M and then partnered with them to promote their products as an affiliate that would earn a certain amount like $5 per student that signs up to a Chase account. This would given her a cash injection to build the company further and a revenue source without having to give up the user data.
It seems it’s easier to scam than previously thought. Elizabeth Holmes and Anna Delvin also come to mind. They also have some sociopathic tendencies as they have total cold blood to go against these Titans of the financial world.
Well good luck with that cold blooded psychos....very shortsighted and stupid. Now no self-respecting firm will hire them or give them access to funds etc.
Think there is A LOT more fraud (or false and overstated claims) in startup than the average person might expect. Some will "make it trough" others might or will be exposed. Who will know what happened in the early days with companies as Twitter, Microsoft, Apple, Google, Tesla, Facebook and many more others. Not everything what might have happened at these companies might have seen daylight.
175 million, how many Americans would not mine getting a degree for, 175 million? JPM better look out. Great job, write a book now and make more, it is the American Wild West way.
Two points, if I may. *Someone or persons on the due diligence team at JPMorgan may have had a conflict of interest, to put it nicely, with Ms. Javice & company ... I'm sure JPM investigators are looking into that. *Secondly, something that is always a red flag for me: Ms. Javice & her company Frank did not have a Wikipedia entry. Every blurb about her & her company online appeared to be fluffy PR, no simple, clear factual citations in the public domain, which should have been there since they were apparently seeking customers from the public. It looked fishy. And last I checked, still no Wiki entry now that she is a bad news story. It should be out there. Seems a deliberate attempt to hide necessary disclosure. They fooled me once, shame on them; they fooled me twice, shame on me, to coin the old adage. Probably a fair bit of embarrassment on JPMorgan's part.
How can a computer science professor not be able to generate convincing looking email addresses?? I literally have high school knowledge of computer science it it would probably take me a day or two...
It was never promising. Bank loans aren't complicated and FAFSA saves your information from previous years. Most if not all users would download the app once in their freshman year.
Women spout off about equality until there are actual consequences for their actions. Then it's all about them being the victim and being manipulated into criminality by powerful men.
Uplevel your news reading experience with Ground News using our link: ground.news/wsm
This video was uploaded a minute ago.
Why is does this comment say 16 hours ago???
@@GeneticReconstruction I think he kept the video private and posted the comment. Then later, he released the video.
Fraud is fraud ,Spoilt privileged brats is what comes to mind with the likes SBF and Holmes and now Jarvis. I foresee all of the behind bars in jail cells. Just saying 🤗
I think fraud and scams are so pervasive that you actually asked the question about what we think. I understand you’re trying to provoke comments for the algorithm, but you should’ve just asked for them. She should be forced to return the money and do at least 20 years in prison. This anything goes, zero consequence, no accountability society we’re morphing into is a recipe for a disaster. Personally, I’m disgusted by the direction this country has taken. We need to be focused on honor, integrity, kindness, and those who possess them. Those are the qualities that are going to promote a more harmonious and productive society allowing the opportunity for progress and prosperity.
Coop, they will probably pass the loss of in new bank fees.
Note to self: Do not use own email address to commit scam.
Or write checks 😉
Do what Hunter Biden did and use burner phones.
@@thevinceberry You beat me to this one. 😂
Feminists Liberal democrat white women are often the biggest con crinimals. It is because they look innocent and try to act righteous. Only fools would fall for this scam!!
She sold them her incriminating emails too 🤣🤣🤣
JP Morgan should just tell the college students "I'm going to pay you $45 for your information" and save themselves from all the embarrassment...
they do. when you open up new accounts, they often give u cash equivalents in lotta banks these days. ie "bonus interest rate on your savings, to a max of $x"
Under 25 years of age? Free air fryers for all! Just put your email and home address here...
@@wli2718 Actually the student accounts "pay" you by removing the monthly maintenance fee requirements, I think you need to provide info to validate your current education situation. I'm sure they have sign up bonuses too. Fact is in banking most of the time when people nest at a bank they never leave, so getting people early makes lifelong customers. (Even though you should pick/switch your financial products like you would any other product or service, go where is best for you but most people are afraid of changing banks).
@@hopelessdecoy For a good reason, if the time or opportunity arises you have a relationship with the local bank manager to get a personal loan.
Or bought some mailing lists.
It never ceases to amaze me how a slick talker can con Wall Street.
Don't believe every single thing that they are feeding you.
its all about how you work your throat....talking of course
@@johnny5896 🤔
u ever heard Elon talk?
And will happen again, Just dont belive in somthing that sounds to great to be true!
I love when small scammers scam bigger scammers.
*Rolls eyes*
Took the words out of my mouth. 👊
👍👍
Try before you buy! They should have paid Frank to send out a their ads before buying the company
😆
She actually looks eerily like Elizabeth Holmes' first cousin, minus the turtleneck. It is also astonishing how the JP Due Diligence team took the bait before throwing $175M for an acquisition. Using Margin Call footage is quite apt, given how badly JP got defrauded.
Yes I was thinking the samehing. She does resemble Holmes.
Never trust a CEO under 40!
You’d think validating the users would’ve been easy. Smh. So many data points could’ve solved that for them. I guess it’s at least good they caught it early 🤷🏽♂️
Yes she does, & more so in video than stills. When she talks, you can see it. If her hair were blonde, everyone would notice it.
It's like those rock bands back in the day all looking the same. 🤔
Anyone who is featured on Forbes 30 Under 30 can’t be trusted
That's exactly what I beginning to believe as well
Exactly. You can't get that successful that fast without doing some extremely sketchy things.
I was looking for this comment. Thank you.
Elizabeth Holmes NEVER graduated from any university. She droppped out of Stanford at the age of 19.
Typical con cunts, they lie and lay, that's all that they're good for.
Fact.
Another scammer from Stanford?
@@tekboi1984 who's the first
She did only 2 semesters and dropped out.
"visionary 28 year old" makes me laugh every time.
Yeah it’s fubared
"Female version of Steve Jobs" should be a red flag.
Or "Forbes 30 under 30"
That would be Elizabeth Holmes 😂
Apple is not a fraud. Elizabeth Holmes is
Elizabeth Holmes for sure 😂
no idea how they even made that comparison
Ridiculous that JP Morgan didn't ask for evidence from Frank's own email marketing campaigns. Every email marketing campaign software produces a detailed dashboard of results including open rate, click through rate, etc. That JP Morgan failed to conduct this basic due dillgience is shocking.
Maybe some people at a JP got blown hehe !
Yep, that’s a problem. I work with entrepreneurs and they are often absolutely clueless about a lot of simple stuff like that … then they hire people for marketing who don’t know either, and the people they hire are more clueless than they are.
Maybe, for me something is not adding up, given the fact that her father is a well known broker at W-street.... Imagine normal people like you and me committing this kinda crime we'd be behind the bars and she lives in a condo at Miami beach..
I work with marketing managers at big companies like this. Let’s just say they are successful due to legacy brand recognition.
@@CreativeMind-ux1ob She is out on a 2 million dollar bond, and she likely moved to Miami in a bid to save her assets from J.P. Morgan Chase and her other creditors due to Florida being the state does the most to protect assets of grifters like her. None of this actually matters tho given that she is facing both a criminal and civil trail, with the Feds having a convinction rate hovering over 98% and ensuring that her criminal trial proceeds her civil trial; all but ensuring that if she is convicted by The Feds, her losing the civil trial defense will be all but dead.
How she thought she could pull this off without getting caught is beyond my imagination
She is hoping to get a book/Netflix deal. Criminals are celebrated in this sick era.
Entitlement
The best liars actually believe their lies.
Trump doesn't think of himself as a great BS talker but actually thinks he is smarter than everyone.
Make loads of money… wait years for them to catch up with you… slap on the risk fine or a short stay in a nicer jail…. Book deal…. Netflix show (where they pay you, rather than the folks who worked hard to catch you)…. Go on the speaking circuit…. Offer two day master classes… Push surface level online courses about some arbitrary rubbish…. semi retire in style!
Study the Nazis… you need to exercise your imagination a little.
Omg I need to create a banking for toddlers app asap!
Most toddlers don't have emails and don't yet know their home address!
🤣 Untapped market that only gets more valuable in time.
😂😂😂😂😂 u might be onto something there
That's why kids/ family channels on UA-cam and other platforms are so advertiser heavy because of the catch'em young idea. However unlike Pokémon, people will move around freely based on life events. I had a WaMu bank account in college because I liked the way the bank handled things and was more welcoming. Luckily I left a month before the collapse because they didn't have any branches near my school when I return in the fall. Also Chase had ATMs everywhere.
7:42 "Massive"? Sure. "Highly sophisticated?" A highly sophisticated fraud wouldn't result in emails bouncing...
It's just another case of confusing luck and skill
Too smart and still way too dumb, this could have been a clean lick
@@samsonsoturian6013 Sounds like another case of the elites spoon feeding us a load of nonsense in order to pillage, plunder and steal. If you really think that $175 million was swindled from this powerful organization then you have a lot of growing up to do. Not possible!
@@pjm6939 Found the shoplifter.
This is just a failure of due diligence
Due diligence team at JPM totally in a coma. "hey... some 28 y.o Elizabeth-holmes-lookalike is here to sell us something with 4 million users.... uh ok... give her 175mm and a corner office... ok cool" 😂
Nah looks like she made someone from JPM pillow talk 😜 ! If you know what i mean.
It would not be a shock to find team reviewing it flagged concerns, but the executive(s) behind the acquisition did not care
The FAFSA application is like any other application. A bit long but straight forward. Nothing hard about it ! smh! I filled it out 22 years ago manually very quickly.
First red flag... A person who didn't need a student loans tried to make a business out of that.....
But that's not a red flag... you don't need to be using student loans to recognize an opening in the student loan market. Maybe she saw people around her having problems with student loan apps.
@@ktktktktktktkt ....... That's the problem ..
@@ktktktktktktkt You ever apply for FAFSA? It's not overly complicated at all. I can't imagine she was friends with people in school who needed loans either, but it's possible that she did. I think those ultra-wealthy people tend to stick together.
Jamie Dimon must have been using his little head when he gave away $175 million without any real due diligence
true… they did not DD on the users…
She sounds like Chase Executive material to me. 😂
I work in higher ed. When I heard about this all I could do is chuckle about how every last new thing that comes out of the tech sector is basically someone attempting to insert themselves as a middleman into some already existing process while providing little actual value. FAFSA applications are guided by financial aid counselors that are specifically employed by any given school to help students along with the process. They're specifically on the payroll to help students figure out how they're going to pay for college. This isn't just about processing paperwork. When I heard the numbers that this woman was putting forth, I just laughed. You're talking about a fundamental paradigm shift off of an established pattern that's been going on in universities and colleges in the US for decades. The only reason people listened to this woman in the first place is because she comes from a finance household in NY and went to Wharton. That's it. That's the bit.
Yeah that explains the "disrupt" tech genre. At the end of the day, it's all no revenue..bottom line.
JP: Highly sophisticated fraud.
Frank: Bigger Numbers are better numbers.
😂🤣
JP Morgan probs doesn’t care. They create money out of thin air anyways.
The crazy part is fasfa does not take that long to fill out lol 😂 I just did mine
that's the part people keep missing in this whole ridiculous story. FASA forms are not difficult or very time consuming to fill out in the first place. This is just another example of how for the most part...tech start-ups are just nonsense scams that make up solutions to problems that don't actually exist in the first place.
My first thought was, why do people keep giving white women huge investments without proper DD while POC struggle to get capital for profitable and scaleable businesses?
the uBiome founder Jessica Richman and Elizabeth Holmes also featured on Forbes 🙄🙄🙄
Because she's pretty. A lot of investment bankers sexualize wealth. Look how Ms. Javice does her hair just so and never breaks intent eye contact with the interviewer and/or the camera.
Pcharlie was really good at working her Jewish heritage to get money out of rich Jews.
yep exactly
They get the funding because of family connections not colour of skin.🤔
Are we supposed to feel sorry for J.P Morgan? 😂
These days I reflexively ignore any advertising pitches because of so many of these fraudsters around stealing money in this country.
Same
Everything is such a scam and Google is complacent with murder and all their execs and suppression censoring programmers should be jailed or put to death (preferably without mitigation)in the states that have death penalty. That would be a good investment of tax payers money.
I am sorry, but how long did they think they could just keep lying to a major bank about having more than just around 10% of actual user for your app before getting caught
Long enough to get the money
I suspect she never though such "reputable" JPMorgan would not want her no-profit company, just ad campain targets. Or it must have been obvious such campain would bust her fraud.
Precisely. They drank their own Kool-Aid, it seems. But, was very calculated ...
Pure greed
And perhaps a love of getting away with something ... she would certainly know better (background & education). And would absolutely know the meaning of fraud & the law.
*There is obviously more to this story that is not being disclosed. Just too strange.
Another Girl Boss SCAMMER...... impossible 🤣🤡🤣
She's so bold to commit that level of fraud. I would be worried sick while waiting for the inevitably of all those emails bouncing back because the users were all faked.
😂😂😂😂😂😂😂 because she has seen it all for years. She knows scamming Works.
She’s just a con artist. Everyone knows scammers make the most.
interesting...
maybe she was betting that JP would be too embarrassed to go public with the fact they got owned...
She should have fled to a non-extradition country the minute the $175MM check cleared.
right! I'm too anxious would have definitely went into hiding lol
Pretty people always get the benefit of the doubt. I'm sure there were doubts. I was in corporate development for a large bank for many years. The level of detail during due diligence is tremendous. I hate to say it but the better looking someone is the more we want to believe the story. But fraud is fraud - everyone should be treated the same regardless of background, race, wealth or looks.
And the Martha-Stewart-go-to-jail effect here, with Ms. Javice. She went to Penn, I believe; did her degree in business, with emphasis supposedly on business law, ethics etc. Her father is apparently 'an invester' (vague, I know), & she apparently grew up nicey-nice in Westchester NY, all giving her cred & experience & Wall St. appeal.
In sum, she should have known better ... Ms. Javice may enjoy scamming. Interesting to note that, Elizabeth Holmes' Dad sat on the board of Enron ... an affinity thing? Call a good shrink.
Its general human psychology. We're more attracted to and more forgiving/believing to better looking people. It's funny to see this coming back. Even in the highest sectors , when talking about 100mille +
dream on.
I guess JP Morgan thought Madoff was quite the looker
@@mitchellrowland1017 JPM didn't fall for Madoff no?💀
I can't believe Jamie Dimon got suckered this easily. This guy was praised by many as a brilliant and ruthless businessman. I saw a video about him on FINAiUS UA-cam channel.
Ha! I was thinking the same thing! Saw the same documentary on him, but you missed one huge caveat, he’s a old specialist out of his element.
I'm guessing you've heard of a thing called FTX!
I can. Old dude, young good looking woman.
I mean what could he have really done he people were the ones doing the due diligence and they were deceived
Do you really think Jamie Dimon was highly involved in the due diligence process , more likely a few teams of overworked M&A employees that overlooked the red flags.
How would she expect to get away with this?
Some people get a kick out of the act of taking.
She probably isn't expecting to get away scot free. Probably going to take the money and run.
When committing financial fraud one simply pays a fine, walks away with ~ 90% of what was really scammed and then writes a book, complete with a book and talk show tour to make more millions while expressing their deep, sincere apologies for all that went wrong.
she is a woman ... so, well ya know.
@@robbarron4066 courts stopped going easy on women around the same time we stopped hanging men for piracy.
Jajaja..maybe what we need is an app that makes due diligence for stupid investment bankers...
Like you're any different?
@@samsonsoturian6013 I dont manage billion of dollars of other people.
@@abelardoruiz5544 no, you simply blow away your money on stupid stuff
@@samsonsoturian6013 for example?
I’m usually so excited when I’m notified of a wsm video and this one didn’t disappoint…thanks for all you do and great job!
Quick correction: Elizabeth Holmes did NOT graduate from any college or university. She dropped out of Stanford early on.
She also got into Stanford. How many people do you know that can get into Stanford?
@@llhannah9297 ....it wasn't because of her grades.
@@llhannah9297 ...but she didn't tho. She was at vest a C-Student, and she was caught more than a few times cheating. I suggest you actually you do a bit of research past the middling reporting presented in this clip before you start running your mouth about what a great student she was.
@@llhannah9297 ...and to drive the point home, but Javis and Holmes were at best C-students who were able to attend the institutions they got into via their connections. Go look it up and stop being so embarrasingly naive
So in other words, based upon the date of the Ground News article, you just take ideas from that source and repeat them to us on your youtube channel. Lazy and unoriginal.
Wait, you’re telling me JPM Chase bought a website that caters to poor people for 175 million that creates no income? BRILLIANT!
Not really. Someone in JP morgan diverted funds to make some side cash.
Finally!!! Somebody scammed the scammers! Jamie Dimon should be put in jail for some of the stuff he’s done that nobody knows about… Yet
Frank wasn't a bad idea. She should've been patient and build it the right way
The trouble with that, is that it was costing her VC investors millions in marketing and maintaing the website, with literally no revenue. Eventually, they would have run out of money, probably before they found a buyer. And if the buyer knows you're running out of money, they can just buy the data from the administrators for a fraction of the cost when you inevitably go bankrupt.
The whole "grow a business, work out how to make money later" business model is really stupid.
Really? Help filling out a form? If you want to go to college and cannot fill out the form, you don't belong in college.
@@jjets8775 This right here.
@@jjets8775 you’re missing the point, which is that these forms and the whole concept of student loans is administrative waste.
@@jjets8775using technology to make life easier? If you do that then (Gatekeeping boomer) 😊
It's not that difficult to find email lists with millions of users. They could've easily made the data look more legitimate. But the response rate for the email campaign would've still been abysmal. They would've found out no matter what.
Yeah but you can just say i dont know what happen why they dont want to join the bank. As long as other evidence as email and checks never finds out
To be fair she got 175m she could have spent a good 20-50m of that on a true email list of people that would have at least opened the emails and been a much better defence of fraud... What the hell do you expect for a list of 4m people that cost 100k!?!? 2.5 cents per person?!?!? ridiculous... basically a rinsed out Viagra spam list... Absolute Greed and incompetence on all sides but if she ends up in jail it was her own fault for shoddy execution in the end...
@@GammaSouljah true though she can at least buy some better data base use the money to make it looks legit and free
@@princecharming7535 With all the email lists floating around from hacked emails they definitely could have purchased from there. If bounced emails are all they had to go on its not much.
They still would have found out.
All they have to do is investigate why their marketing campaigns fail and they know the email
are bogus.
Lol, FAFSA forms are not difficult to fill out, definitely doesn't take hours
Could be worse, at least she didn't charge 27% interest
Forbes really needs to look inward and see if they're the problem at this point
Another stunning blonde pulls the wool over the eyes of powerful and supposedly smart finance men in the USA. Sounds very much like the Theranos case.
Yes, sex does get investment banker's attention. A lot of these guys sexualize wealth, and you can tell by how Ms. Javice does her hair just so and looks at the camera that she knows this.
She's hardly stunning tbf
@@jujijiju6929 Compared to the heavily airbrushed super model pictures you've seen, but as a real person she is pretty.
I don't think the Theranos founder was very sexy with that voice
She isn't blonde though.
Where is the due diligence ?
I put more effort and research into buying the best bread toaster than these bankers ever do !
Guess their cash is too easy and free-flowing.
They're going to have to eat this one. This deal was at the table for months, tons of due diligence was conducted (which is far more detailed than this video suggests), and they still took the bait on a fraudulent company. They knew it was a bad deal but the bankers were probably graded on how many MA's they completed.
I was studying business mgmt online at a university… I can assure you that most graduates have the intellectual prowess of 7th graders. Garnering a bachelors degree doesn’t impress me at all.
Ummm, no, they will easily win a lawsuit. She defrauded them, you cant give someone fake info and be like oh you looked at my fake info for months, its on you!
Just as founder of FTX, Sam Bankman-Fried said, you just gotta use the right Shibboleths - democratizing, empowering, and equality etc. etc - brrrr profit !
you forgot 'Disruption' and 'Changing The World'.
Greed…she should have told the truth initially and settled for a few million. JP would have still been interested since the site is a useful tool and likely would have gained in popularity
Please how can I get in touch with your broker
people, remember the legendary quote:
smart artist create, brilliant artist steal
she definitely brilliant
The sad thing is that these scammers will make it extremely hard for genuine legitimate entrepreneurs to get funding, because the corporations will no doubt be ultra skeptical and you can't even blame them....smh
Then go to venture capitalists. Some of them will give anyone money if the story sounds good, just not to sit in cash.
You can be an entrepreneur and not work with corporations. They are usually fraudulent themselves. Get a grip.,
Women ☕️
*white women
Most pirates are men.
"Women version of Steve jobs".. this never gets old 😂😂
Excellent subject matter. This channel kicks ass.
Is JP Morgan just bringing a civil suit and not forwarding this to the NYC DA's office as a criminal case?
They want their money back first and foremost
The referral email bounced.
I'm a bit surprised there isn't a contract that voids sale if fraud is found.
Idiots spending money on idiots. You and I pay for it in bailouts and govt concessions every decade or so as part of a "recession"
its better to leave it out. because if you put it in. then you can only sue for items on that list. and u would not be able to predict what kind of fraud in advance.
It is a bit late to void a sale when she has the $175M.
Usually this clause is there for the liabilities in the balance sheet. With no revenue declared they did not focus on this. They had such a bargain at 45 bucks. They rushed to do the closing.greeeedy bankers
@@MrDvdwills its not to void the sale. its to seek damage and disgorgement of ill gotten gains.
Amazing how Charisma, Charm, Blue Eyes, and Youth ---- is still the secret recipe to easy success.
175 miilion? just take it out of the CEO's paycheck. obviously that's not going to happen
I don't feel bad at all... these overdraft fees, fee left and right.. gotta lose it somehow lol !!!
i guess you could say someone wasn't being too frank
And she's got the nerve to sue the bank, even knowing that they have damning evidence against her.
Dunno about that. She appears to be the bad combination of entitled and dumb. Probably doesn't realize how much evidence was left around. Probably too lazy to read the court filings against her too. Of course given the "entitled", you could argue that she won't suffer much from her crimes and will likely go on to a successful career in government since that is obviously her calling.
Just narcissist
@@shannonkohl68 her family is wealthy, if they can some how squeeze out $175million to pay back the bank, then she could walk off free.
Attack is the best form of defence.🤣🤣🤣
Didn't some dude on Wall Street say that: "Greed is good. Greed is right."
great video :) keep us updated on that sam bankman fraud
She looks too much like Elizabeth Holmes! It is uncanny! Her facial features and the expressions are too much alike to be chance! Maybe closely related? Wow!
"Like Holmes, Jarvis graduated from..." Elizabeth H. was a Stanford dropout, she did not graduate.
90% were Indians and South Americans get 10 cents per subscription.The new subs con😂
I just can't believe how many of these people commit fraud with absolutely no exit strategy whatsoever. If the end of this story was that she could not be found anywhere in the world I would understand it. But that doesn't seem to have happened.
My kids try to scam me every day and I never fall for it. When a 20 something tells you they run a successful company, you should AT LEAST verify.
That loss should come out of Jamie’s salary. Or he should have been fired. He was extremely careless with the bank’s money. How is he explaining this to the shareholders? 🤔🤦♀️
These opportunities brown American men are not allowed to attain for that you suffer endless failures and scandals.
A scammer getting scammed ... there's a name for that!
America
If you want to go to college, but you cannot even manage to fill in your student loan applications, then maybe you shouldn't be going to college.
Really disgusting to see any business scam another business, especially a reputable company like JP Morgan chase whose operations have always been well above board and scrutiny!
Oh ya JP is reputable lol 😆 I hope your being sarcastic. There just as scummy and karma always comes back.
You joke but J P Morgan is actually squeaky clean.
They had no involvement in the subprime loan crisis.
@Flak153 Ya I bet there squeaky clean I swear there's a sucker born everyday.
@@daryl9799 you can look through it if you want. J P Morgan and Morgan Stanley stay out of bullshit
Hmmm, weren’t they the bank that Bernie Madoff used to run his Ponzi scheme through. I believe they had to pay a 2 billion dollar fine for failure to report suspicious activity in the account. Nothing to see here folks.
lol like what is even hard about FAFSA?
So JPM didn't really do proper due diligence. No doubt that's the reason they have kept quiet about it. After all, $128m is petty cash for JPM. They lose that on a regular basis on some of their deal transactions.
Hello done Charlie, rob from the biggest greediest crooks on the planet 💪
No matter how difficult to fill in a form I wouldn't pay someone to do it for me.
As for JP Morgan. They fell for the trap of thinking they were on to easy money.
She should have cashed in, invested in plastic surgery and then migrated to a country without a US extradition agreement
I thought it was a decent idea only because people pay companies to do their taxes for them.
@@fav843 You make a very good point. I wonder if there is a generational aspect to it. I grew up filling paper forms. Now in a world where pen and paper aren't necessarily the norm then the attraction of such a service is understandable.
Apart from my preference, I may have been swayed somewhat by the fact that in the UK there have been cases of companies offering to fill in forms for persons, usually to claim tax refunds or something they are entitled to, which have turned out to be scams of some sort.
She could be facing criminal charges if this is true. Fraud is against the law.
If you defraud the fraudsters, is it a more serious crime?
@@michaela1655 No, it is the same crime and penalty. Although you might get jury nullification.
I agree fraud is against the law. But it is a commercial deal. Due diligence is supposed to find irregularities. It is buyer beware. She may get away with no criminal charges.
@@MrDvdwills Bernie Madoff's bankers are not going to take lightly being impacted by a fraudster. Surely they will pursue this in the courts.
stuff like this make me realize that these ceos and big time finance people are not smart.
Well done to her!
💪🏻
If the bankers couldn't conduct the most basic of due diligence processes - a fool and their money are always soon parted.
OR - more likely - users left the platform the moment they heard about the acquisition.
So now JP is left holding a brand with zero goodwill - write off the loss and move on, JP.
Not to mention if this were the case - JP's maths still doesn't add up. If their conversion rates is based on a 1% conversion rate - they still are still 9% ahead of their target.
Any way it's spun - Caveat Emptor. This one's on JP.
So we have college students that find filling out FASFA for financial aid and providing documentation is too much. Dont buy a house. The fact that FRANK exsisted is a testimate to the laziness of this country.
That was surprisingly sloppy for such a smart person
Who said she was smart? Just lucky.
But it's not surprising at all for an dumb person.
You would think bankster Jamie Dimon would check to make sure the users and customers are real before paying $175 million. He did not care. As usual Jamie only started caring when regulators or stockholders cry foul.
Have had lots of bad experiences with Chase so to see this warmed my heart. As noted below, a large scammer, scammed by someone smaller..
Same here.
It looks like that, first big sharks squeeze out money from hard-working people, and later their kids steal back their money, back from the big sharks. Crazy cycle of money.
Nice to see fraud is an equal opportunity activity with Elizabeth Holmes, Charlie Jarvis, and Caroline Ellison.
She made such a dumb error, she should have given JP Morgan an equity stake for $10M and then partnered with them to promote their products as an affiliate that would earn a certain amount like $5 per student that signs up to a Chase account. This would given her a cash injection to build the company further and a revenue source without having to give up the user data.
It seems it’s easier to scam than previously thought. Elizabeth Holmes and Anna Delvin also come to mind.
They also have some sociopathic tendencies as they have total cold blood to go against these Titans of the financial world.
Well good luck with that cold blooded psychos....very shortsighted and stupid. Now no self-respecting firm will hire them or give them access to funds etc.
Um, several hours to fill out a FAFSA? Not even close bud
Jamie “don’t do due diligence” Dimon.
Think there is A LOT more fraud (or false and overstated claims) in startup than the average person might expect. Some will "make it trough" others might or will be exposed. Who will know what happened in the early days with companies as Twitter, Microsoft, Apple, Google, Tesla, Facebook and many more others. Not everything what might have happened at these companies might have seen daylight.
I see her dad being the master mind behind this 😂
JP Morgan acquisition team should all be fired and never work in finance again.
175 million, how many Americans would not mine getting a degree for, 175 million? JPM better look out. Great job, write a book now and make more, it is the American Wild West way.
Two points, if I may.
*Someone or persons on the due diligence team at JPMorgan may have had a conflict of interest, to put it nicely, with Ms. Javice & company ... I'm sure JPM investigators are looking into that.
*Secondly, something that is always a red flag for me: Ms. Javice & her company Frank did not have a Wikipedia entry. Every blurb about her & her company online appeared to be fluffy PR, no simple, clear factual citations in the public domain, which should have been there since they were apparently seeking customers from the public. It looked fishy. And last I checked, still no Wiki entry now that she is a bad news story. It should be out there. Seems a deliberate attempt to hide necessary disclosure.
They fooled me once, shame on them; they fooled me twice, shame on me, to coin the old adage. Probably a fair bit of embarrassment on JPMorgan's part.
Frank. Something supposedly with a massive user base. Meanwhile, during this time I have 2 college students....who neeeeeever heard of "Frank".
How can a computer science professor not be able to generate convincing looking email addresses?? I literally have high school knowledge of computer science it it would probably take me a day or two...
I don't think it was the email addresses they were concerned about it was more about the street addresses
I was one of the Frank’s users
I was shocked when I wasn’t able to use it anymore,
I didn’t even know this video was about it
Another promising startup concept ruined by greed and bad ethics
It was never promising. Bank loans aren't complicated and FAFSA saves your information from previous years. Most if not all users would download the app once in their freshman year.
Turns out big bank does shabby job most of the time.
They're no different from the rest of us.
@@samsonsoturian6013 true
Women spout off about equality until there are actual consequences for their actions. Then it's all about them being the victim and being manipulated into criminality by powerful men.