He added: “Rather than help students, we allege that Ms. Grewal, director of the SEC’s Division of Enforcement, said in a release that “even non-public, early-stage companies must be truthful in their representations.” In a civil complaint filed by the Securities and Exchange Commission, the regulatory agency alleged that Javice made numerous misrepresentations about Frank’s alleged millions of users to entice JPMC to purchase the now shuttered Frank. But it added that the data she purchased did not contain all of the information she had told JPMC was maintained by Frank. ![]() She then hired an outside data scientist to create the synthetic data set as she purchased for $105,000 on the open market real information for over 4.25 million students, the complaint said. When JPMC sought to verify that her company had 4.25 million customers, Javice asked her company’s director of engineering to create an artificially generated data set, but the individual declined, it said. ![]() ![]() In 2021, Javice sought to sell her company in her role as its chief executive to a large financial institution, the complaint said.
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