31–40 of 123 posts
When are people going to learn you can't "fake it until you make it" anymore. "Allegedly" She's going to go to jail now.
When are people going to learn you can't "fake it until you make it" anymore. "Allegedly" She's going to go to jail now.
JPM is in private equity? That's concerning.
JPM is in private equity? That's concerning.
What was the end game here? Is there any universe where someone does something like this and gets away with it?
The Frank founder went to work for them after this closed. It doesn't look like she thought she did anything wrong here otherwise you'd think she'd get as far away from the mark as possible.
When fake it until you make it and hustle culture goes horribly wrong.
Really surprised at lack duedeligenoe on the part of acquirers, JPM team!!! My immediate reaction to when JPM found out they'd be duped after running an 'email campaign' was, hmmm, maybe well deserved, should have done your homework! I want to put the blame solely on the executives, lawyers and team that drove the acquisition forward. Obviously we can open the floodgates of conspiracy theories. Maybe, some from JPM t…
I wondered about that when reading the Money Stuff article about it a while ago. What should they actually have done differently? One of the issues was that "she could not share her customer list due to privacy concerns". So maybe JPM could have pushed back against that more? """Javice also cited privacy concerns in sharing Frank’s customer data directly with JPMC. After numerous internal conversations, and in order…
The gap here was _huge_. If I was the JPM diligence team, I might have asked them for read-only access to their product analytics. They claimed something like 10K FAFSA applications/day. This should show up nicely in their analytics tools. Yes, they could fake these visits--but it would be much harder to fake that you're getting 10K visits from appropriate regions, at appropriate times of day, with appropriate dwell times, with appropriate distribution of completion rates.
How much due diligence really occurred here? I have no problem with charges being filed, but seriously... it's not like the buyer was some kind of low-budget mom and pop shop or community bank. I'm just not very sympathetic to JPMorgan for being scammed in a situation where being wary should be standard.
A just question. How much due digilence was done on SBF / FTX by The New-York Times and by the VCs who poured hundreds of millions into a pure fraud?
Earlier quoted context omitted.
$175M could have easily paid for a bunch of domains to run MX servers. You don’t even have to keep the email. Just accept it and send it to /dev/null. Maybe a fancier scam would be parsing for links and randomly fetching them with headless chrome. But I doubt that’d be required.
> $175M could have easily paid for a bunch of domains to run MX servers. You don’t even have to keep the email. Just accept it and send it to /dev/null. You don't think it would be at all suspicious that most of the emails in the customer list are using weird custom domains rather than the popular ones like gmail.com or outlook.com?
What was the end game here? Is there any universe where someone does something like this and gets away with it?
The 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).
And it is a wild story! It's probably going to get the miniseries treatment. The Uber/Theranos/WeWork shows were pretty popular, after all, so I'd bet that a second batch is coming with FTX, Frank, and that Korean guy who went on the lam in Montenegro. Hah.