Founder of startup Frank accused of ‘old school fraud'

Writer Tarpley Hitt joins to explain why Charlie Javice was charged with defrauding JPMorgan Chase out of $175 million dollars. 

Follow MSNBC Show Blogs

MSNBC delivers breaking news, in-depth analysis of politics headlines, as well as commentary and informed perspectives. Find video clips and segments from The Rachel Maddow Show, Morning Joe, The Beat with Ari Melber, Deadline: White House, The ReidOut, All In, Last Word, 11th Hour, and Alex Wagner who brings her breadth of reporting experience to MSNBC primetime. Watch “Alex Wagner Tonight” Tuesday through Friday at 9pm Eastern.

Connect with MSNBC Online
Subscribe to the MSNBC Daily Newsletter: MSNBC.com/NewslettersYouTube

#msnbc #jpmorganchase #startup

[streamingtv]

JP Morgan got fooled because they wanted to be, she was from an affluent background and wasn't scrutinized because the "narrative fits" who they think a founder should be.

[tuoms]

If you're on the Forbes 30 under 30 list, there is a 90% chance you're a fraud or an investment banker. The other 10% are people who inherit their money

[LMNsTCUk]

Don't steal from rich people. Strip the poor bare and you'll be celebrated as a visionary. Rip the rich and that's embarrassing

[adatshhc]

So Chase didn't do their due diligence before forking over 200 million dollars??? 😂😂😂

[DavidS]

JPM also made zillions in bad mortgage loans and nearly crashed the world economy (along with others) in 2008. Why is this surprising?

[jiubboatman]

If a massive financial organisation like JPM fails to do it's due diligence. I think the management involved at JPM should be held accountable. This is not some vulnerable elederly person getting a call from "Amazon".

ANd I mean criminally accountable. These people are supposed to be responsible for millions of peoples money and are clearly incompetant.

[pequodexpress]

They didn't catch her early on because she was using a grift similar to what JPMorgan does on the daily. It's very difficult for JPMorgan to root out something that is an integral part of its own DNA.

[patrickcunniff]

Having had to produce synthetic data for test purposes for loads of systems, representing both vendor and purchaser, I was aware that the data was sometimes used inappropriately and as a misrepresentation of customer base. I am recently retired and can tell you this went on through my 30 years in IT. So this is really an old trick and why JPMorgan didn't catch it is beyond me.

[untouchablex]

"Behind every great fortune lies a great crime." Godfather

[giovannisynthesis]

Chase wanted her list of contacts so they can sell them products 😂

[joedennehy]

Its not fraud, its greedy j p morgan not doing their due dilegence

[xAA]

Rich white girl? JP Morgan: Take our money!

[riogrande]

JP Morgan didn't do their due diligence and got totally scammed.

[JETWTF]

Her only mistake was ripping off a multitrillion dollar bank rather than milk all the poor and desperate customers for all the small change per customer rip-offs that are legal she could get out of them. Or she could have just became a gold digger and marry a decade from dying of old age billionaire. Greedy is as greedy does I guess.

[pedroportillo]

While I don’t support what this woman did, I also don’t feel bad for JPM. When people steal from banks, it’s a crime. But when banks steal from people, it’s called business.

[ryanjohnson]

Sounds like JP Morgan were the bigger fools.

[decaprio]

Your suppose to run and hide after stealing! What are you doing!

"User" does not mean users with accounts. J.P. Morgan is at fault for not giving and listing the correct requirements. Once someone is in your website they become a "user" of the website. They did not mention whether they have accounts or not.

[parkerbolt]

You have to love how they only highlight women in tech when they’re fraudulent

[llewellynlombard]

She is smart, to say the least. JP Morgan will come up with all different excuses just to save face. You have been fooled big time, admit it.

[spicymayo]

I thought they were talking about the Frank coffee scrub 😂 I love that stuff.