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JPMorgan is unwilling to cover the legal expenses of Frank founder Charlie Javice

JPMorgan is unwilling to cover the legal expenses of Frank founder Charlie Javice

Bitget-RWA2025/11/16 04:28
By:Bitget-RWA

JPMorgan Chase reports that it has received invoices totaling $142 million for legal costs related to the defense of Charlie Javice and Olivier Amar, who served as the founder and chief marketing officer of the financial aid platform Frank.

JPMorgan purchased Frank for $175 million in 2021. However, earlier this year, Javice and Amar were convicted of deceiving the bank by exaggerating Frank’s user numbers, resulting in a seven-year prison sentence for Javice. According to The Wall Street Journal, JPMorgan is now attempting to reverse a court decision that obligates the bank to cover their legal expenses.

Michael Pittinger, JPMorgan’s attorney, stated that Javice’s legal representatives submitted charges for items such as luxury hotel room upgrades, billing for a full 24 hours of work in one day, and even cellulite butter (a type of moisturizer).

“In my experience, I have never seen a case with such significant misuse,” Pittinger remarked.

A representative for Javice told the WSJ that she followed JPMorgan’s policies and “neither billed for nor was aware of any such expenses.”

“While employed, she did buy ice cream and other goods in line with JPMorgan’s conduct guidelines, and she never requested reimbursement for anything not specifically allowed by the rules provided to her,” Javice’s spokesperson explained.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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