DIRS.INFO The most relevant business & tech news

☆ Frank founder Charlie Javice gave JP Morgan millions of names and emails for college students she said were customers, but 'it was all fake,' prosecutor says
▼ + stars: | 2023-07-13 | by ( Nate Schweber | ) www.businessinsider.com time to read: +4 min

Javice is accused of grossly exaggerating the numbers of customers she had before her sale to JP Morgan. After hat after the initial deception to JP Morgan Chase, Javice and Amar pivoted to another, Fergenson said. Javice and Amar presented it all in a spreadsheet to JP Morgan Chase, representing all of the names to be Frank users, Fergenson said. Javice's attorney, Alex Spiro, who has alleged that JP Morgan Chase is retaliating against his client for her exposure of their violating of privacy laws, objected. "The government is just regurgitating to the court JP Morgan Chase's civil lawsuit," he said.

Persons: Frank, Charlie Javice, Javice, JP Morgan, Olivier Amar, JP Morgan Chase, Mr, Amar, Micah F, Fergenson, Morgan Chase, Alvin K, Hellerstein, nodded, —, Alex Spiro, Morgan, Judge Hellerstein Organizations: University of Pennsylvania's Wharton School of Business, Forbes, Fast Company, of, Securities and Exchange Commission Locations: Manhattan, Pennsylvania, Southern, of New York

BRUSSELS, July 13 (Reuters) - Alphabet (GOOGL.O) said it is rolling out its artificial- intelligence chatbot, Bard, in Europe and Brazil on Thursday, the product's biggest expansion since its February launch and pitting it against Microsoft (MSFT.O)-backed rival ChatGPT. Bard and ChatGPT are human-sounding programs that use generative artificial intelligence to hold conversations with users and answer myriad prompts. Earlier this week, billionaire Elon Musk also launched his long-teased artificial-intelligence startup xAI, whose team includes several former engineers at Google, Microsoft and OpenAI. Krawczyk said Google had since then met the watchdogs to reassure them on issues relating to transparency, choice and control. In a briefing with journalists, Amar Subramanya, engineering vice president of Bard, added that users could opt out of their data being collected.

Persons: Bard, ChatGPT, Elon Musk, Jack Krawczyk, Krawczyk, Amar Subramanya, Subramanya, Foo Yun Chee, Isabel Woodford, Matthew Lewis Organizations: Microsoft, Google, Thomson Locations: BRUSSELS, Europe, Brazil, U.S, Brussels, Mexico

☆ 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

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.

☆ Barack and Michelle Obama spotted enjoying a special date night at Bruce Springsteen's concert in Barcelona
▼ + stars: | 2023-04-30 | by ( Bethany Dawson | ) www.businessinsider.com time to read: +2 min

The Obamas were spotted enjoying a date night at a Bruce Springsteen concert in Barcelona. Barack and Michelle Obama were seen dancing together at the side of the stage. Michelle Obama surprised the crowd with an appearance onstage as a part-time backing singer for "The Boss." Former US President Barack Obama, film director Steven Spielberg and singer Bruce Springsteen pose for a picture with Amar restaurant staff in Barcelona, Spain April 27, 2023. Pol Perello Franch via REUTERSJust days before, the couple surprised staff at the Palace Hotel's Amar fish food restaurant with a last-minute booking, dining with Bruce Springsteen and Steven Spielberg, The Guardian reports.

☆ Obama, Spielberg and Springsteen delight Barcelona restaurant staff
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +1 min

The trio were in Barcelona to attend a concert by pal Bruce Springsteen at Barcelona's Lluis Companys Olympic Stadium on Friday night. Obama, Spielberg and Springsteen dined at the Amar restaurant in the Palace Hotel on Thursday. Staff member Pol Perello uploaded a photo of them posing with wait staff and chefs to Instagram with the comment "the pleasure this job brings you!." Spanish news outlets showed the former president and first lady walking hand in hand through central Barcelona surrounded by a large group of security guards. Obama and Springsteen first met on the presidential campaign trail in 2008.

☆ Apple Opens First Store in India, a Promising Frontier for the Tech Giant
▼ + stars: | 2023-04-18 | by ( Alex Travelli | Suhasini Raj | ) www.nytimes.com time to read: +1 min

On Thursday, Mr. Cook will travel to New Delhi to open a second store, Apple Saket, at the center of the capital’s biggest mall. The Apple brand is not new to India. The iPhone is still a rare sight within the ocean of cheaper, and mostly Chinese-branded, Android smartphones that have swept across India over the past decade. Yet in India, as in nearly every other part of the world, Apple has its fans. So Mr. Bhasin addressed a letter to Mr. Cook himself — and a month later, a new iPad appeared in the mail.

☆ 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.

☆ Wimbledon lifts ban on Russian and Belarusian players who will compete as 'neutral athletes'
▼ + stars: | 2023-03-31 | by ( Amar Mehta | ) www.cnbc.com time to read: +2 min

The Wimbledon logo amongst flowers The Championships at All England Lawn Tennis and Croquet Club on July 10, 2019 in London, England. Wimbledon has lifted a ban on Russian and Belarusian players from its tournament this year, with players agreeing to sign neutral declarations. Last year, players from Russia and Belarus were banned from Wimbledon in response to Vladimir Putin's invasion of Ukraine. The Lawn Tennis Association was hit with a fine and world ranking points were removed from last year's Championships. Earlier this month, Russian player Daniil Medvedev said ahead of Indian Wells that he would respect any decision taken by organisers.

☆ Google reshuffles virtual assistant unit with focus on Bard A.I. technology
▼ + stars: | 2023-03-29 | by ( Jennifer Elias | ) www.cnbc.com time to read: +3 min

Google is reshuffling the reporting structure of its virtual assistant unit — called Assistant — to focus more on Bard, the company's new artificial intelligence chat technology. In a memo to employees on Wednesday, titled "Changes to Assistant and Bard teams," Sissie Hsiao, vice president and lead of Google Assistant's business unit, announced changes to the organization that show the unit heavily prioritizing Bard. Mao held the position of vice president of engineering for Google Assistant and "helped shape the Assistant we have today," Hsiao wrote. As part of Wednesday's change, Google Assistant engineering vice president Amar Subramanya will now lead engineering for the Bard team, the email said. Trevor Strohman, who previously led engineering efforts for Bard, will continue as an “Area Tech Lead” for Bard, reporting to Hsiao.

☆ ETFs show that investors are confused about where the markets are going
▼ + stars: | 2023-03-16 | by ( Bob Pisani | ) www.cnbc.com time to read: +3 min

A common tool to gauge the market's intent is following inflows and outflows in large ETFs. There have been outflows from corporate bond ETFs like Vanguard Short-Term Corporate Bond (VCSH), high yield funds like SPDR High Yield ETF (JNK), bank loan ETFs like SPDR Senior Loan ETF (SRLN) and bank stock ETFs like Invesco KBW Bank ETF (KBWB). The Credit Suisse issue was somewhat different. Europeans at the conference were surprised that there was a focus on Credit Suisse. The common thread of the commentary was that Credit Suisse had never recovered from the financial crisis, that it had been in decline for nearly 20 years.

The government said the BBC had failed to respond to repeated requests to clarify its tax affairs related to the profits and remittances from its Indian operations. The documentary, which was only broadcast in Britain, accused Modi of fostering a climate of impunity that fuelled the violence. Reuters spoke to eight Indian journalists, industry executives and media analysts who said that some media which reported critically on the government have been targeted with inspections by government agencies, the suspension of state advertising, and the arrest of reporters. Modi's government has vigorously denied the BBC tax inspection - the first against an international news organisation in decades - was a response to the film. Gupta said there had been complaints after the government reduced its advertising spending but that was not an assault on media freedom.

☆ Formula 1: Audi buys minority stake in Sauber ahead of 2026 F1 entry
▼ + stars: | 2023-01-31 | by ( Amar Mehta | ) www.cnbc.com time to read: +3 min

A show model Audi Formula 1 car on Aug. 26 2022 in Belgium after announcing its participation in the F1 Grand Prix of Belgium. Audi's entry into Formula 1 has moved a step closer after the German car manufacturer acquired a minority stake in Sauber. The purchase comes three months after Sauber confirmed they would become Audi's strategic partner when the German marque enters Formula 1 in 2026. On Jan. 14, Andreas Seidl replaced Vasseur as Sauber's chief executive after the latter joined Ferrari , and will oversee Audi's entry into F1. In a statement sent to Sky Sports, an Audi spokesperson said this is a "key milestone" for the German's F1 entry in 2026.

☆ How Charlie Javice's Frank Sale to JP Morgan Wound up in Allegations of Fraud
▼ + stars: | 2023-01-21 | by ( Katherine Long | Jack Newsham | ) www.businessinsider.com time to read: +21 min

Her financial aid startup, Frank, was featured in the New York Times, CNBC and Wall Street Journal. After leaving the University of Pennsylvania's Wharton business school, Javice traded on her reputation, bolstered by glowing profiles, as a successful entrepreneur. In a 2018 interview with Insider, Javice claimed Frank secured an average of $28,000 for its users, and was helping students get "thousands off their tuition." "Charlie's first company fizzled after 18 months, so after losing all her investors' money, she convinced every one of them to fund her next company, Frank." At Frank, Javice admitted she sometimes painted a more positive picture of the company's health than was supported by the facts.

☆ JPMorgan's acquisition strategy is coming under fire. Here are the 15 fintech and consumer-focused deals done by the bank since 2020.
▼ + stars: | 2023-01-13 | by ( Carter Johnson | Rebecca Ungarino | ) www.businessinsider.com time to read: +19 min

NutmegDeal details: JPMorgan announced the acquisition in June 2021, paying approximately $1 billion. cxLoyaltyDeal details: JPMorgan said it would buy cxLoyalty's global loyalty division in December 2020. ProxymityDeal details: JPMorgan, Citi, HSBC, and other firms together invested $20.5 million in Proxymity in May 2020. Viva WalletDeal details: JPMorgan said it would acquire 49% of Viva Wallet in January 2022, pending regulatory approval. Christian Petersen-Clausen/Getty ImagesRenovite TechnologiesDeal details: JPMorgan announced on September 12 it plans to acquire Renovite.

☆ JPMorgan CEO Jamie Dimon called the bank's acquisition of fintech Frank a 'huge mistake' after being grilled about it on an earnings call
▼ + stars: | 2023-01-13 | by ( Carter Johnson | Emmalyse Brownstein | ) www.businessinsider.com time to read: +6 min

Mike Mayo Bloomberg TVIn response, Dimon said that JPMorgan has been "very disciplined" in its acquisition strategy, but added that the Frank acquisition was, "in one way or another, a huge mistake." Mayo has previously been critical of JPMorgan's spending plans, which also became a flashpoint for some JPMorgan investors in the run up to the bank's investor day last May. In 2020, Insider detailed how JPMorgan spun up a "rapid proof-of-concept" model to speed along startup investments within its corporate and investment banking division. That team was headed by Michael Elanjian, who now leads digital investment banking at JPMorgan, according to his LinkedIn. Or are you a shareholder with concerns about the bank's spending?

Companies JPMorgan Chase & Co FollowJan 12 (Reuters) - JPMorgan Chase & Co (JPM.N) on Thursday shut down the website of Frank, a college financial planning platform it acquired in 2021, after suing the startup's founder Charlie Javice and Chief Growth Officer Olivier Amar for creating nearly 4 million fake customer accounts. The largest U.S. bank by assets had paid $175 million for Frank in a bid to deepen its ties with students. The bank said it was led to believe more than 4.25 million students had created accounts on Frank. However, when JPMorgan sent marketing test emails to a list of Frank's customers that the company had provided, only 28% of them were delivered, the bank alleged. JPMorgan said it generally sees a delivery rate of 99% with similar campaigns.

☆ JPMorgan Bought College Financial-Aid Platform for $175 Million—and Now Says Most of Its Users Were Fake
▼ + stars: | 2023-01-12 | by ( Melissa Korn | David Benoit | ) www.wsj.com time to read: 1 min

JPMorgan Chase & Co. is suing the leaders of Frank, a financial-aid business it bought for $175 million in 2021, alleging they duped the bank by making up millions of fake student accounts to show it had a growing business. The bank filed a lawsuit late last month in a Delaware federal court against Frank executives Charlie Javice and Olivier Amar , alleging widespread fraud at a company that is marketed as helping families navigate the complex college financial-aid process. Frank offered a tool to simplify federal financial-aid forms, as well as listings of scholarships and low-cost college courses.

☆ JPMorgan sues the founder of the college financial-planning website it acquired, alleging she falsely inflated its user numbers
▼ + stars: | 2023-01-12 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +3 min

JPMorgan alleged that college financial-planning website Frank lied about its growth and users. JPMorgan's suit accused Frank's founder Charlie Javice and its former chief growth officer Olivier Amar of being in on a scheme to juice its user numbers. The pair used that list to make the inflated user numbers seem credible. The bank claimed that the startup provided the false user numbers while it was conducting due diligence when looking into acquiring the company. As of Thursday morning, JPMorgan had closed down Frank's website, a representative for the bank confirmed to Insider.

☆ Ex-NBA player Amar’e Stoudemire arrested after allegedly punching, slapping daughter
▼ + stars: | 2022-12-18 | by ( Julianne Mcshane | ) www.nbcnews.com time to read: +3 min

Former NBA player Amar’e Stoudemire was arrested early Sunday morning in a domestic violence incident involving his daughter, according to documents obtained by NBC News. The daughter allegedly told Stoudemire she didn't have an attitude, and he allegedly responded with "you're talking back again" before allegedly punching her in the jaw and slapping her on her face and body, allegedly causing a bloody nose, the document states. Police who responded to the scene allegedly "observed blood stains" on the victims' sweater and pants and the daughter's mother allegedly showed police a picture she had received of the daughter allegedly crying with blood running down her face. The mother allegedly told police that Stoudemire "told her to come pick up the victim because she was being disrespectful." The University of Miami also featured Stoudemire in a post on its feed on Friday congratulating graduates.

☆ Amar’e Stoudemire arrested on domestic violence battery charge
▼ + stars: | 2022-12-18 | by ( ) www.reuters.com time to read: +1 min

December 18 - Six-time NBA All-Star Amar'e Stoudemire was arrested Saturday night in Miami and charged with a misdemeanor count of domestic violence battery after allegedly hitting his daughter. The Miami Herald said Stoudemire was taken into custody at his Miami residence. According to the Herald, the girl included a photo of herself crying with "blood running down her face." The Herald said Stoudemire was released on $1,500 bail and was given a pretrial no-contact order. The Phoenix Suns selected Stoudemire, now 40, with the ninth overall pick of the 2002 NBA Draft.

☆ Sure, You’ve Got a Wine Cellar. What About a Whiskey Lounge, or a Tequila-Tasting Room?
▼ + stars: | 2022-12-15 | by ( Candace Taylor | ) www.wsj.com time to read: 1 min

Raja Amar’s 23-acre estate in Stony Point, N.Y., has plenty of places to enjoy a cocktail. Visitors can choose a bottle from his glass-enclosed custom wine cellar, which holds about $2 million worth of wine from Opus One, Screaming Eagle and other pricey wineries. They can sample it at a table in the wine-tasting room just outside. They can pour a Macallan 25 at the bar and sip it in the whiskey-and-cigar lounge, a cherry wood-paneled room with two commercial-grade smoke eaters. A 56-year-old entrepreneur in the telecommunications industry, Mr. Amar built these amenities to house his collection of rare wines, whiskeys, cognacs, bourbons and tequilas, spending about $250,000 to create the wine cellar and wine room and roughly $1.2 million on the whiskey lounge.

Search resuls for: "amar"

25 mentions found