JPMorgan Chase Burned!  Buys College Financial Aid Platform For A Fortune, Then Learns Most Users Were Fake – zoohousenews.com

JPMorgan Chase Burned! Buys College Financial Aid Platform For A Fortune, Then Learns Most Users Were Fake – zoohousenews.com

  • Wellness
  • January 15, 2023
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JPMorgan Chase Burned!  Buys College Financial Aid Platform For A Fortune, Then Learns Most Users Were Fake – zoohousenews.com

(Natural News) When billionaire Elon Musk initially refused to buy Twitter after placing a $44 billion bid on the platform last spring, fearing an excessive number of users was fake he’s onto something.

For example, in September, according to an analysis by leading cybersecurity specialist Dan Woods, who used to work for the FBI and CIA, he concluded that up to 80 percent of Twitter accounts are bots, The Australian reported.

“Sounds like more than 5% for sure!” Musk wrote on the platform in response to Woods’ findings, referencing what he was told by the former Twitter management team when the platform’s sale took place.

Sounds higher than 5% for sure!

— Elon Musk (@elonmusk) September 1, 2022

“More than 80 percent of Twitter accounts are likely bots, according to former CIA and FBI cybersecurity specialist Dan Woods, who created a fake profile and quickly gained more than 100,000 fake followers in one weekend by buying them on the dark web has,” the outlet reported.

“Mr Woods, who studies bot traffic as part of his current role at global cybersecurity provider F5, told The Australian that Twitter’s bot traffic was almost certainly far larger than it has publicly expressed, and larger than it believes internally,” the outlet continued.

The point is, the platform had far more fake accounts than perhaps even the old Twitter management team realized — or was willing to admit.

Now another company has learned the hard and expensive way that online platforms are now mostly inhabited by trolls, bots and deep state actors trying to manipulate, control or spread propaganda.

Brighteon.TV

The Wall Street Journal reported:

Chase & Co. is suing the heads of Frank, a financial aid company it bought for $175 million in 2021, claiming they deceived the bank by creating millions of fake student accounts to show they had a growing have business.

The bank filed a lawsuit against Frank executives, Charlie Javice and Olivier Amar, in federal court in Delaware late last month, alleging widespread fraud at a company used to help families navigate the complex process of study financing is marketed. Frank offered a tool to simplify federal grant forms, listings of scholarships, and low-cost college courses.

In the summer of 2021, Ms Javice approached the financial giant for a possible acquisition, the lawsuit says. At the time, she claimed the platform had about 4.25 million users, according to the bank, but in reality the platform had fewer than 300,000 actual users, the lawsuit said, or a fraction — 10 percent — of what JPMorgan reported would.

“Instead of revealing the truth, Javice pushed back at first [JPMorgan’s] request and argued that she could not share her customer list for privacy reasons,” the bank noted in its court filing. “After [JPMorgan] insisted Javice chose to invent millions of Frank customer accounts out of one piece of cloth.”

Arrogantly, just days before her lawsuit, Javice filed a separate lawsuit against the bank in Delaware state court, alleging that her money was owed millions of dollars while she had to defend herself against a wave of internal investigations that began in the spring of 2022. The Lawsuit says she was fired from the bank in November.

She called the investigation “groundless” and said the bank had “made a bad faith termination for good cause.” She also insisted that JPMorgan Chase refused to pay her about $28 million, which she claims is owed to her.

Alex Spiro, an attorney for Javice, described the bank’s lawsuit as “nothing but a cover”.

“After JPM rushed to take over Charlie’s rocket business, realizing they could not circumvent existing student privacy laws, JPM committed wrongdoing and then attempted to reverse the deal. Charlie whistled and then complained,” he noted.

The fact is that the vast majority of “users” on almost all social media and online platforms are fake. It’s not a real world, and this case proves it once again.

Sources include:

WSJ.com

TheAustralian.com.au

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