Frank was a company that helped college applicants fill out FAFSA, the common financial aid application.
In 2021, Frank sold itself to JP Morgan Chase for $175 million. Frank said it had 4.25 million accounts, to which JPMC planned to market financial services by sending them e-mail. Except that JPMC claims that Frank really only had about 300,000 accounts, and they fabricated the rest with the assistance of a well paid Data Science Professor from a NYC university. JPMC apparently got all of the e-mail archives from Frank, so the complaint is very very detailed, e.g.: [CEO Charlie Javice] asked the Director of Engineering if he could help her take a known set of FAFSA application data and use it to artificially augment a much larger set of anonymous data that her systems had collected over time. The Director of Engineering questioned whether creating and using such a data set was legal, but Javice tried to assure the engineer by claiming that this was perfectly acceptable in an investment situation and she did not believe that anyone would end up in an “orange jumpsuit” over this project. Read all about it here, PDF of the complaint: https://assets.bwbx.io/documents/users/iqjWHBFdfxIU/rNlNVTl.6yh8/v0 R's, John _______________________________________________ mailop mailing list [email protected] https://list.mailop.org/listinfo/mailop
