JPMorgan Chase's $917 million investment in Greek fintech company Viva Wallet has escalated into a complex legal dispute. The bank is facing accusations of bullying and boardroom conflicts, alongside a lawsuit seeking the return of its investment. This turmoil follows the trial of Charlie Javice, a former Forbes '30 Under 30' honoree, who is currently on trial in New York for allegedly defrauding JPMorgan out of $175 million. Javice is accused of fabricating millions of customers to facilitate the bank's acquisition of her fintech startup, Frank, in 2021. The outcomes of these legal challenges could have significant implications for the fintech sector and JPMorgan's investments.
JP Morgan, which bought fintech startup Frank in 2021, claims its founder invented millions of customers to close the deal. Now she stands trial on federal fraud charges. https://t.co/0iIoj1EEGR (Photo: Bloomberg) https://t.co/dm8287F20e
Charlie Javice Faces Court Showdown Over Alleged $175 Million JP Morgan Fraud https://t.co/sIoH7VOI7X https://t.co/wPVjZfoIco
The bank, which bought fintech startup Frank in 2021, claims its founder invented millions of customers to close the deal. Now she stands trial on federal fraud charges. https://t.co/3ZmMIVFrG0 https://t.co/iezVGzIZIk