JP Morgan says they were led astray when purchasing "college planning" firm

Earlier this week, JPMorgan Chase shut down college financial aid platform, Frank, which it acquired in September 2021 for $175 million, alleging it was misled about the scale of the startup.

Consumers who used the platform may have also been deceived.

According to JPMorgan, Frank founder Charlie Javice told the bank that over 4 million students had signed up with the company, which promised to ease the student loan and financial aid application process. But when the bank sent out marketing emails to a batch of 400,000 Frank customers, around 70% of the messages bounced back, the bank said in a lawsuit filed last month in federal court.