JPMorgan closes $175 million website, accuses founder of fraud.

By The Exchange Team

JPMorgan Chase took down the website for a college financial aid firm it bought for $175 million on Thursday

After charging the founder established nearly 4 million false client accounts.

A Chase CEO told CNBC in September 2021 that the nation's largest bank bought Frank to strengthen its relationships with college students.

JPMorgan called the deal the "fastest-growing college financial planning tool" utilized by over 5 million students at 6K institutions.

It also gave the startup's creator, Charlie Javice, access to the New York-based bank as part of the deal.

JPMorgan discovered the fact after sending marketing emails to 400,000 Frank customers months after the acquisition completed.

According to a lawsuit filed last month in federal court, around 70% of the emails bounced.