Frank founder allegedly defrauded JPMorgan out of $175M hit with federal charges
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Re: Frank founder allegedly defrauded JPMorgan out of $175M hit with federal charges
#2[dead]
Re: Frank founder allegedly defrauded JPMorgan out of $175M hit with federal charges
#3The gist of what she is alleged to have done:
“An internal investigation revealed that Javice and Frank chief growth officer Olivier Amar — referred to as "CC-1" in the federal charges — paid a New York data science professor $18,000 to create nearly 4 million fake accounts in order to juice Frank's user numbers, JPMorgan alleged in its lawsuit. Amar later bought a list of student email addresses from a marketing firm for $105,000 in order to make those accounts seem more credible, JPMorgan alleged”.
Re: Frank founder allegedly defrauded JPMorgan out of $175M hit with federal charges
#4SDNY press release here: https://www.justice.gov/usao-sdny/pr/former-start-ceo-charge...
Re: Frank founder allegedly defrauded JPMorgan out of $175M hit with federal charges
#5The story is really wild. I read the Matt Levine take on it and it immediately reminded me of Theranos (off course not exactly identical, but still).
Re: Frank founder allegedly defrauded JPMorgan out of $175M hit with federal charges
#6[dead]
Re: Frank founder allegedly defrauded JPMorgan out of $175M hit with federal charges
#7This exact kind of fraud, is just what AI should be good for.
I made 10K fake users for testing the app I'm developing now. I used thispersondoesnotexist.com, and about a half hour's worth of PHP programming, to make an open-ended user generator.
I only need 10K users, and it takes about an hour or so to generate them, but I'm sure that this type of thing could be easily scaled.
"Hey, ChatGPT, can you give me the SQL for five million users, with the schema published here?"
Re: Frank founder allegedly defrauded JPMorgan out of $175M hit with federal charges
#8> 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.
This seems entirely inevitable since the emails were largely not actual customers…
Very strange.
Re: Frank founder allegedly defrauded JPMorgan out of $175M hit with federal charges
#9The gist of what she is alleged to have done: “An internal investigation revealed that Javice and Frank chief growth officer Olivier Amar — referred to as "CC-1" in the federal charges — paid a New York data science professor $18,000 to create nearly 4 million fake accounts in order to juice Frank's user numbers, JPMorgan alleged in its lawsuit. Amar later bought a list of student email addresses from a marketing fir…
Did they really pay a professor $18K to use a Faker library to generate 4 million records?? That's wild.
Re: Frank founder allegedly defrauded JPMorgan out of $175M hit with federal charges
#10The gist of what she is alleged to have done: “An internal investigation revealed that Javice and Frank chief growth officer Olivier Amar — referred to as "CC-1" in the federal charges — paid a New York data science professor $18,000 to create nearly 4 million fake accounts in order to juice Frank's user numbers, JPMorgan alleged in its lawsuit. Amar later bought a list of student email addresses from a marketing fir…
So they paid someone 18k to just create a random list of fake email addresses? HAHA stupid