CEO of Millennials accused of $175 million in fraud

Charlie Javice is accused of lying about the number of clients her student loan helper app Frank had in order to dupe JP Morgan Chase into buying her company for $175 million. She and another executive engaged in a months-long scheme to fabricate the data that both of them knew JPMC was paying $175 million to acquire. Javice got $9.7 million and a managing partner position at JP Morgan Chase, with a $20 million retention bonus. Javice and her co-conspirator allegedly used fake data to convince JP Morgan Chase that Frank's user base was as large as she claimed. The fraud was uncovered when JP Morgan Chase sent a marketing test email to its new audience, but only 28% of the emails were delivered and 1.1% were opened. Javice has denied the allegations and filed a countersuit.