JPM is suing the leaders of Frank, a financial-aid business it bought for $175m in 2021, alleging they duped the bank by making up millions of fake student accounts to show it had a growing business. Frank CEO Charlie Javice approached the bank in summer 2021 about a potential acquisition, according to the lawsuit. She claimed Frank had 4.25m users, but the company had fewer than 300,000 real users, the suit said, less than 10% of the stated 4.25m figure.