JPMorgan has officially shut down their college financial aid platform that it purchased for $175 million after the company alleged that their founder created nearly 4 million fake customer accounts, according to CNBC.
The company acquired the platform, Frank, back in September 2021 as it looked to deepen their relationships with college students, touting the platform as the “fastest-growing college financial planning platform” used by more than 5 million students at 6,000 institutions.
JPMorgan said it learned the truth after sending out marketing emails to a batch of 400,000 Frank customers, with about 70% of those emails kicking back, according to an official lawsuit filed in federal court last month (via Bloomberg).
