JPMorgan alleged that college financial-planning website Frank lied about its growth and users.
The bank shut down the Frank college aid website on Thursday morning.
Frank's founder Charlie Javice denied the allegations and said the firm "mismanaged" her site.
JPMorgan accused the founder of a college aid site it had purchased of "lying" and fabricating almost 4 million customer accounts.
In a lawsuit filed last month, the bank said it bought the startup Frank, a website meant to help students seek out options for financial aid, for $175 million in 2021. JPMorgan's suit accused Frank's founder Charlie Javice and its former chief growth officer Olivier Amar of being in on a scheme to juice its user numbers.
The bank alleged that Javice and Amar enlisted an unnamed data science professor to inflate those numbers after one of Frank's own engineers, who put its user count closer to about 300,000, refused to do so.
Amar, the bank alleged, helped Javice by buying a list of students from a marketing firm for $105,000. The pair used that list to make the inflated user numbers seem credible.
The bank claimed that the startup provided the false user numbers while it was conducting due diligence when looking into acquiring the company.
As of Thursday morning, JPMorgan had closed down Frank's website, a representative for the bank confirmed to Insider.
Javice, who was featured on Forbes' 30 under 30 list in 2019, herself sued JPMorgan in December, alleging that the bank conducted...
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