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☆ US charges second Frank college aid executive with defrauding JPMorgan
▼ + stars: | 2023-07-12 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +1 min

Companies JPMorgan Chase & Co FollowNEW YORK, July 12 (Reuters) - U.S. prosecutors on Wednesday unveiled an indictment charging Olivier Amar, who helped run college financial aid startup Frank, with defrauding JPMorgan Chase (JPM.N) into buying their company for $175 million. Amar, who was Frank's chief growth officer, was charged with wire fraud, bank fraud, securities fraud and conspiracy, becoming the second company official indicted in the case. Lawyers for Amar, whose whereabouts were not immediately known, did not immediately respond to a request for comment. A spokesman for the U.S. Attorney's office in Manhattan also did not immediately respond to a request for comment. The bank shut down Frank in January, and Chief Executive Jamie Dimon branded the acquisition a "huge mistake."

Persons: Olivier Amar, Amar, Frank, Charlie Javice, Javice, Jamie Dimon, counterclaims, Luc Cohen, Bill Berkrot Organizations: JPMorgan Chase, U.S, JPMorgan, Thomson Locations: Manhattan, U.S, Amar, Delaware, New York

MediaNews Group | The Riverside Press-Enterprise via Getty ImagesOf the many acts that can get an Amazon merchant kicked off the site, few are as devastating as selling stolen goods. But suspended sellers, who spent years building their businesses on Amazon, told CNBC they had no idea they were selling stolen products. In an email to CNBC, Amazon said it's working with authorities and doesn't comment "on matters that are the subject of active law enforcement investigations." Tracing the stolen goods supply chainIn tracing the supply chain for suspended sellers, some patterns started to emerge. "Chances are stolen goods or similar ASINs/serial numbers are being bled in to every supply line," the employee wrote.

Persons: Levoit humidifiers, Frank —, Frank, Kenzo Sobrie, Dyson, blenders, they'd, Joe Quinlivan, Sellers, they've, Chris McCabe, Ricky Sala, what's, Sala, he'd, Tien Ngo, Ngo, Stride, Daniel Acker, ASINs, Armen Babayan, illicitly, Babayan, KZ, Juniper, couldn't, Cameron Webb, Kevin Cole, didn't, He's, Sobrie Organizations: MediaNews, Riverside Press, Enterprise, Getty, Amazon, CNBC, Retailers, LG, KZ International, California, Patrol, KZ, CHP, Amazon.com Inc, Amazon Robotics, Bloomberg, Oregon Prep Center, Facebook, FBI, Washington State Office, Ngo Wholesale Distributors, Ngo, Co, Wholesale, Los, Juniper Holdings, Telegram Locations: Eastvale , California, KZ's, Huntington Beach , California, Westborough , Massachusetts, Los Angeles, Miami, The Miami, New York, Washington, Santa Fe Springs, Los Angeles County, Garden Grove, Orange County, California, Huntington Beach, California , Florida, New Jersey

☆ These 7 'left for dead' value stocks will outperform while the tech trade unwinds in an imminent recession, according to a fund manager who beat 99% of his peers last year
▼ + stars: | 2023-06-15 | by ( James Faris | ) www.businessinsider.com time to read: +4 min

Fund manager Brian Frank explained why he's bearish on tech stocks and the economy. Here are seven stocks he's bullish on now as value makes a comeback in a recession. Value is the best bet in a weak economyConsidering how growth stocks have retaken the throne from their value counterparts this year, Frank said he's pleased with how his Frank Value Fund (FRNKX) has fared. The mid-cap fund, which Frank has single-handedly managed for nearly 19 years, has outperformed 74% of its peers in 2023, according to Morningstar. "You would think, given the economic data, defensives would trade at a premium to the market," Frank said.

Persons: Brian Frank, Frank, It's, —, he's, Morningstar, we're, that's, he's bullish Organizations: Frank Value Fund, Home, Walmart

☆ The future of AI in finance might be about accepting what we don't know
▼ + stars: | 2023-06-08 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Such a suggestion is blasphemy — and potentially illegal — on Wall Street. But as AI tech continues to advance, one Wall Street executive is wondering if there isn't some wiggle room on those types of policies. But what really caught my eye was Friedman's comments around having to fully understand how the AI works. That's a fascinating thought exercise, and one worth having with how quick AI tech seems to be evolving these days. Wall Street is getting fed up with Amazon.

Persons: Dan DeFrancesco, we've, Adena Friedman, shouldn't, Simon Berlyn, Robert Kindler, Morgan Stanley, Paul, Weiss, Garrison, Marc Lasry, Frank, Charlie Javice, Sam Altman, Bernstein, Rod Stewart, We've, Jeffrey Cane, Nathan Rennolds Organizations: PE, Disney, Pixar, . Finance, Nasdaq, Bloomberg Invest, Milwaukee Bucks, JPMorgan, Amazon, Communist Party, LinkedIn Locations: NYC, Point72, Rifkind, Wharton, New York, London

☆ Charlie Javice, the founder of student loan assistance company Frank, appears in court over allegations she bought or invented email addresses to claim millions of users
▼ + stars: | 2023-06-06 | by ( ) www.businessinsider.com time to read: +4 min

Javice is accused of inflating the number Frank's users before she sold it to JPMorgan Chase. The charges represented a significant fall for one of the much-lauded young fintech founders. But within a year of selling Frank to JPMorgan Chase, the bank cried foul, claiming that the number of users had been wildly inflated. The complaint alleges that Javice bought names and email addresses from third parties and then represented them as Frank customers. Fergenson explained that Javice had made JPMorgan Chase, "believe that Frank had been an extremely successful start up."

Persons: Charlie Javice, Frank, Javice, JPMorgan Chase, Jarvis, Micah F, Fergenson, octogenarian, Alvin K, Morgan Chase, Judge Hellerstein, Alex Spiro Organizations: JPMorgan, Manhattan, Frank's, Forbes, U.S, Southern, of, Securities and Exchange Commission Locations: of New York

☆ Here's how rich you need to be to be among the wealthiest 1% in the US, UK, and China
▼ + stars: | 2023-05-18 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

New data from Knight Frank shows how rich you need to be to make the top 1% in 25 countries. Monaco tops the list. It's $3.3 million in the UK, $1.6 million in the UAE, and $960,000 in mainland China. The highest-ranking Asian country is Singapore, where you need $3.5 million to be in the wealthiest 1%, just ahead of Hong Kong at $3.4 million. In Japan you need $1.7 million to make the cut, whereas in mainland China it's $960,000.

Companies JPMorgan Chase & Co FollowNEW YORK, May 18 (Reuters) - The young entrepreneur Charlie Javice has been indicted on charges of defrauding JPMorgan Chase & Co (JPM.N), the largest U.S. bank, into buying her now-shuttered college financial aid startup Frank. A four-count grand jury indictment made public on Thursday in Manhattan federal court charges Javice with securities fraud, wire fraud, bank fraud and conspiracy. In connection with that, prosecutors were granted more time to have Javice indicted by a grand jury. JPMorgan separately sued Javice and former Frank chief growth officer Olivier Amar in December in Delaware federal court for fraud, saying they inflated Frank's customer base to induce the bank's purchase. Javice countersued JPMorgan, saying it owes millions of dollars after firing her "without valid cause" in November.

☆ Gen Z is forcing fast-food restaurants to change their menus. They're now offering more spicy food and chicken to lure in younger diners.
▼ + stars: | 2023-05-16 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

Gen Z diners crave spicy food and chicken more than other generations. Restaurant execs say that younger diners crave spicy food and chicken. "Spice levels generally heat up with younger generations," Fabiola Del Rio, VP of integrated marketing communications at Panda Express, told Insider. And where they can, Gen Zers like to get their chicken spicy, too. Or a restaurant exec who's noticed interesting dining patterns among your Gen Z customers?

As he had last week, the British singer-songwriter played guitar and sang from the witness stand to underscore his testimony, telling jurors his song "Thinking Out Loud" had actually been inspired by Irish musician Van Morrison. Sheeran said he and other performers frequently perform such "mash ups," and that he had on other occasions combined "Thinking Out Loud" with Van Morrison's "Crazy Love" and Dolly Parton's "I Will Always Love You." He ridiculed Frank's questions about how often Sheeran collaborates with others in writing songs, which he said was common practice. If Sheeran is found liable, there will be a second trial to determine the damages amount. Reporting By Brendan Pierson in New York Editing by David Bario and Josie KaoOur Standards: The Thomson Reuters Trust Principles.

☆ Signature Bank failure due to 'poor management,' US FDIC report says
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +4 min

April 28 (Reuters) - Last month's failure of New York-based Signature Bank was caused by "poor management" and a pursuit of "rapid, unrestrained growth" with little regard for risk management, the Federal Deposit Insurance Corporation said on Friday in a report detailing its supervision and regulation of the regional bank. Bank management and its board chased growth and deposits without "developing and maintaining adequate risk management practices and controls appropriate for the size, complexity and risk profile of the institution," according to the 63-page report. The same day SVB failed, Signature lost 20% of its total deposits in a matter of hours, FDIC Chair Martin Gruenberg has said. Similar to SVB, Signature examiners reported weak corporate governance practices and failures by bank management to address shortcomings identified by supervisors, including the firm's reliance on uninsured deposits. Like SVB, Signature relied heavily on uninsured deposits and experienced a boom in growth between 2019 and 2020, when its assets grew 64%, according to Gruenberg.

☆ Opinion: The untold story about Anne Frank’s hiding place
▼ + stars: | 2023-04-20 | by ( Opinion Roy Schwartz | ) edition.cnn.com time to read: +10 min

British actors Bel Powley and Joe Cole play Miep and Jan, with Liev Schreiber as Otto Frank. Only Otto Frank survived. Anne Frank's (1929-1945) world famous diary charts two years of her life from 1942 to 1944, when her family were hiding in Amsterdam from German Nazis. Anne Frank has particularly been in the zeitgeist in recent years, with the 2021 French animated film “Where Is Anne Frank,” a magical retelling of her story loosely based on the 2018 graphic novel; the 2022 Dutch Netflix movie “My Best Friend Anne Frank,” based on the book “Memories of Anne Frank: Reflections of a Childhood Friend”; the controversial, eventually pulled 2022 book “The Betrayal of Anne Frank”; and “After the Annex: Anne Frank, Auschwitz and Beyond,” coming out in May. While 89% have heard of Anne Frank, 32% don’t know she died in a concentration camp.

These kind of megadeals are at the vanguard of billions of dollars of annual spending on classic cars globally in a wave of investment in this alternative asset. "The track record of the past 30 years tells us classic cars have become a financial asset class we want our clients to have in their portfolios." [1/5] A general view of the classic car collection of Florian Zimmermann, owner of over 300 classic cars, in a warehouse in Lindau, Germany, April 5, 2023. "Electrification will favour classic cars," said Cristiano Bolzoni, head of Maserati's vintage car unit Maserati Classiche. "The classic car community has changed tremendously over the past five to 10 years," Zimmermann said.

☆ Singapore rent prices are still sky-high. Long-time expats are having to consider drastic changes
▼ + stars: | 2023-04-13 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +7 min

If rents continue to grow steadily, more residents will bite the bullet and purchase a property before paying higher prices for rent, Knight Frank's Christine Li said. Whether one's renting a room, an apartment or a house, long-time expatriates living in Singapore are digging deep into their pockets and making drastic changes to cope with rising rents. Some foreigners living here say their landlords may be taking advantage of an overheated property market to jack up prices — with some doubling the rent. "If rents continue to grow steadily, more people will just bite the bullet and purchase a property before paying higher prices for rent," she said. Justin Paget | Stone | Getty ImagesFrancesca said many potential landlords offered her "rent free deals" to convince her to agree to higher prices — that essentially translates to no rent for the first few months.

☆ A Florida school banned an adaptation of Anne Frank's diary because Moms for Liberty deemed it 'sexually explicit'
▼ + stars: | 2023-04-09 | by ( Isobel Van Hagen | ) www.businessinsider.com time to read: +3 min

A Florida school removed a graphic novel adaptation of Anne Frank's diary from its library shelves. Anne Frank's original diary remains in the high school's library. The book, entitled "Anne Frank's Diary: The Graphic Adaptation," was removed from the Vero Beach High School library in Indian River County after a group called Moms for Liberty expressed concerns, according to local news outlet WPTV. "We think true history absolutely needs to be taught, the Holocaust, the Anne Frank diary," Jennifer Pippin, who chairs the Indian River County chapter of Moms For Liberty, told WPTV. Frank's original diary remains in the Vero Beach High School library, Dr. Kyra Schafte, the director of academic compliance and equity for the district, told WPTV.

☆ JPMorgan's dealmaking flurry being scrutinized by US regulator - FT
▼ + stars: | 2023-04-07 | by ( ) www.reuters.com time to read: +1 min

JPMorgan had sued Javice and Olivier Amar, who was Frank's chief growth officer, in Delaware federal court in December. The OCC audit was scheduled before JPMorgan's lawsuit, the report said. Javice filed counterclaims in February, accusing JPMorgan of having "compromised her reputation" and wrongfully withheld $28 million of retention payments and equity. JPMorgan and the OCC did not immediately respond to Reuters request for comment. Reporting by Baranjot Kaur in Bengaluru; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

☆ Frank's founder just got hit with federal charges, but questions remain about JPMorgan's handling of the deal
▼ + stars: | 2023-04-05 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

Drop any Wall Street (or non-Wall Street) questions you have for me here. A quick refresher: JPMorgan accused Javice of juicing Frank's customer numbers in a lawsuit filed at the end of last year. Prosecutors charged Javice with wire fraud affecting a financial institution, securities fraud, bank fraud, and conspiracy. I've joked about it before, but Taylor Swift really should teach a class on this stuff for Wall Street. It's not the president or Wall Street or Congress that's to blame.

Companies JPMorgan Chase & Co FollowNEW YORK, April 4 (Reuters) - The U.S. government on Tuesday filed criminal charges accusing Charlie Javice, the founder of the now-shuttered college financial planning company Frank, of defrauding JPMorgan Chase & Co (JPM.N) into buying the startup for $175 million in 2021. Prosecutors said that when JPMorgan asked for a list of names, Javice paid an unnamed data science professor $18,000 to concoct a sham list of names. JPMorgan shut down Frank in January, and Chief Executive Jamie Dimon branded the acquisition a "huge mistake" in a Jan. 13 conference call with analysts. In December, JPMorgan sued Javice and Olivier Amar, who was Frank's chief growth officer, in Delaware federal court. Javice filed counterclaims in February, accusing JPMorgan of having "compromised her reputation" and wrongfully withheld $28 million of retention payments and equity.

☆ Frank founder Charlie Javice, who allegedly defrauded JPMorgan out of $175 million, hit with federal charges
▼ + stars: | 2023-04-04 | by ( Katherine Long | Jack Newsham | ) www.businessinsider.com time to read: +4 min

Charlie Javice, who sold her student-aid startup Frank to JPMorgan Chase, was charged with fraud. The bank claimed Javice faked millions of customers to convince it to buy Frank for $175 million. Federal prosecutors in Manhattan charged Javice with wire fraud affecting a financial institution, securities fraud, bank fraud and conspiracy on Tuesday. JPMorgan acquired Frank in 2021 for $175 million, but began to question the authenticity of the startup's purported 4 million users after an email marketing campaign ended in "disaster," according to the bank's lawsuit and a filing by prosecutors. Out of 400,000 emails sent to Frank users, more than 70% bounced back and only 103 were opened, the bank claimed.

☆ Barney Frank pushed to ease financial regulations after taking seat on bank board: WSJ
▼ + stars: | 2023-03-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBarney Frank pushed to ease financial regulations after taking seat on bank board: WSJAndrew Ackerman of the Wall Street Journal joins CNBC's Brian Sullivan and 'Last Call' to discuss Barney Frank's efforts to ease financial regulations after he joined the. board of Signature Bank.

☆ Brentford beat Fulham to fuel European dream
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +3 min

LONDON, March 6 (Reuters) - Brentford fuelled their ambition of playing European football with a 3-2 home victory over fellow hopefuls Fulham to extend their unbeaten run in the Premier League to 12 games on Monday. Ivan Toney's second-half penalty and a late effort by Mathias Jensen sealed the points for ninth-placed Brentford against their west London rivals to edge them closer to the European qualification places. Brentford had taken an early lead with a deflected shot by Ethan Pinnock but Fulham hit back shortly before halftime when Manor Solomon scored for the fourth successive league match. The hosts were rampant and Bryan Mbeumo grazed the upright with a free kick before Toney also saw a free kick bounce back off the woodwork. Fulham levelled in the 39th minute when another free kick hit the frame of the goal but this time Andreas Pereira's superb effort bounced down for Israeli Solomon to nod home.

☆ This is how the world's wealthiest people invest their money — from office buildings, to art, to crypto — according to a major survey of the super-rich
▼ + stars: | 2023-03-03 | by ( Pete Syme | ) www.businessinsider.com time to read: +1 min

Knight Frank's 2023 "Wealth Report" details how ultra-high net worth individuals invest their money. Stocks and shares are the biggest individual contributors, with 26% of the average UHNWI's portfolio held in equities. On March 1, Knight Frank published 2023's "Wealth Report," which details the finances of ultra-high net worth individuals or UHNWIs. And while its report estimates the world's richest people lost over $10 trillion in total, it also shares insights into how the elite's financial portfolios are composed. From vast art collections to crypto and NFTs, this is how the world's richest people store their money.

☆ Here are the top ways the world's ultra-rich spent their money last year, including pouring $455 billion into commercial real estate
▼ + stars: | 2023-03-01 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +4 min

The world's rich invested $455 billion in commercial properties in 2022, according to Knight Frank's wealth report. Whether in a private capacity or through a family office, the world's wealthy invested $455 billion in commercial properties, according to Knight Frank's wealth report released on Wednesday. Private capital also surpassed investments from institutions, which poured $440 billion in commercial property, down 28% from the year before. Investments in luxury collectibles increased by 16% last year, according to the Knight Frank Luxury Investment Index. Despite the increased investment, the world's ultra-rich ultimately lost $13.8 trillion, or 13.6%, of their wealth in 2022.

☆ COVID showed the rich that they can't just go wherever they want, so now millionaires are rushing to get 2nd passports: report
▼ + stars: | 2023-03-01 | by ( Matthew Loh | ) www.businessinsider.com time to read: +3 min

Lockdowns shattered the wealthy's belief that their mobility was foolproof, per consultancy Knight Frank. As such, ultra-high-net-worth-individuals are now increasingly pursuing citizenships or residencies overseas, London-based consultancy Knight Frank said in its 2023 report released Wednesday. "US citizens have a 'good passport' with many travel privileges, but COVID threw these out the door," Surak wrote. "The result has been a huge increase in the number of Americans looking into investment migration options," she added. Many are looking at overseas homes where they can live for a few months per year, or places that offer good healthcare, Surak wrote.

☆ The world's ultra-rich lost about $14 trillion of their wealth in 2022, Knight Frank study shows
▼ + stars: | 2023-03-01 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

The world's ultra-rich lost 13.6%, or $13.8 trillion, of their wealth in 2022, per a Knight Frank report. Just four in 10 ultra-wealthy people saw their wealth rise in 2022, the report says. Just four in 10 ultra-wealthy people saw a boost to their wealth in 2022, but the "overwhelming trend" was negative, Knight Frank said in the report. In 2022, the ultra-rich in Europe experienced the largest decline in wealth with a drop of 17%, followed by Australiasia with 11%, and the Americas by 10%, according to Knight Frank. According to Knight Frank, the ultra-rich parked 32% of their total wealth in their residential properties.

☆ We're having loyal Costco shoppers share their grocery lists with us. Here are their favorite things to buy there.
▼ + stars: | 2023-02-21 | by ( Business Insider | ) www.businessinsider.com time to read: +36 min

Read Abigail Abesamis Demarest's full Costco shopping list: I've shopped at Costco for over 10 years. AdvertisementRead Lisa Tanner's full Costco shopping list: I'm a mom of 10 who's shopped at Costco for almost 20 years. Read Tara Zeller's full Costco shopping list: I drive 4 hours and spend $500 for every Costco trip. AdvertisementRead Majed Kassis' full Costco shopping list: I run a Costco fan account with over 390,000 followers. Read Rachel MacPherson's full Costco shopping list: I'm a personal trainer who shops for a family of 6 at Costco.

Persons: —, Abigail Abesamis Demarest, Demarest, chia, Read Abigail Abesamis Demarest's, I've, Alicia Diaz, Diaz, Kirkland, Alicia Diaz's, Lisa Tanner, Orville, Tanner, Rice, Lisa Tanner Tanner, Read Lisa Tanner's, who's, Tara Zeller, Zeller, Tara Zeller Zeller, Tara Zeller Costco, Read Tara Zeller's, Kassis, fryer, Majed, Candace Nelson, Candace Nelson Nelson, Nelson, Read Candace Nelson's, Salma Hamze, Salma Hamze Hamze, Read Salma Hamze's, Dana Engelbert, Dana Engelbert Engelbert, Engelbert, Read Dana Engelbert's, Gemma Acheampong's, Gemma Acheampong, Acheampong, Gemma Acheampong Costco, Read Gemma Acheampong's, Lizzy Briskin, Lizzy, Briskin Chock, Briskin, Lizzy Briskin's, Jordan Kuntz, Ina Garten, Change's microwavable, Read Jordan, Olivia Yi, Pesto, Olivia Yi Yi, Genovese, Olivia Yi Kirkland, Yi, Read Olivia Yi's, Rachel MacPherson, Rachel MacPherson Costco, MacPherson, Read Rachel MacPherson's, Chelsea Schnyer's, Chelsea Schnyer Schnyer, Chelsea Schnyer, margarita, Schnyer, Lou's, Read, Savannah, Frierson Frierson, Fry, Gabriella Sorrento, Gabriella Sorrento Sorrento, Read Gabriella Sorrento's, Elizabeth Blasi, Blasi, Read Elizabeth Blasi's, Alana Al, Hatlani, Benedict, Meredith Ochs, Meredith Ochs Ochs, Ochs, Meredith Ochs Kirkland, They're, Read Meredith Ochs, Veronica Thatcher, Read Veronica Thatcher's, Molly Allen, Allen, Read Molly Allen's, Janice Costa, Janice Costa Costa, She's, Costa, Read Janice Costa's, Karlin, Karlin Krishnaswami Krishnaswami, she's, Karlin Krishnaswami, they're, Read Karlin, Lindy Vogel, Vogel, Lindy Vogel's, Dominic Bucca, Dominic Bucca Bucca, Bucca, Read Dominic Bucca's Organizations: Costco, Service, Abigail Abesamis Demarest Costco, Starbucks, Kirkland, Kuntz, Chelsea, Read, Costa, Alaska Omega Locations: New York, Thai, They're, veggies, Ghanaian, mayo, Chelsea, Savannah, Alaska, Maldon

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