When JP Morgan asked for proof during due diligence, Javice lied to the bank about her startup’s scale, the bank alleged. She produced a huge roster of “fake customers – a list of names, addresses, dates of birth, and other personal information for 4.265 million ‘students’ who did not actually exist,” the suit said. No one Black is getting past JP Morgan with this. When JP Morgan sent test marketing emails to what it thought were 400,000 Frank customers, the results “were disastrous,” it claims. Eghosa Omoigui, who describes himself in his Twitter bio as a “stage-agnostic tech VC investor,” had questions for JP Morgan: What about due diligence?

Source: Forbes January 13, 2023 06:06 UTC