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Big Stories

Student loan fraudster gets arrested.

Police arrested Charlie Javice in New Jersey on Monday for duping JP Morgan into buying Frank — her student loan assistance startup — for $175 million by significantly inflating the number of users the company had.

How’d she get caught?
After JP Morgan acquired Frank, they wanted to take their new customer list for a spin. They sent 400,000 ad emails and only 28% reached an inbox — 99% is the industry standard — and a meager 103 recipients clicked on the link in the email. JP launched an investigation and the first order of business was to inspect Javice’s personal email. They quickly discovered evidence showing how Javice paid an outside data scientist to create fake records claiming that the company had over 5 million customers, when in reality it had less than 300,000.

Now what?
Javice is facing four felony counts of fraud, three of which carry a maximum prison sentence of 30-years each. Had the fraud succeeded, she would have netted $45 million. Now, she’s looking at 100 years in jail if she receives the maximum penalty

Manhunt for ex-Maryland political aid ends in death.

Ex-Maryland political aid Roy McGrath died on Monday from wounds he received while trying to evade law enforcement officials outside Knoxville, TN. McGrath ran from authorities after he skipped a court date on March 8 in Baltimore regarding his 2021 indictment for fraud and embezzlement.

What did he do?
McGrath allegedly hustled a year’s severance pay — $233,648 — from the Maryland Environmental Service by telling the agency’s board that the governor had approved it. He was also accused of running up $170,000 worth of fraudulent expenses in 11 weeks on the job. He resigned after the payments became public.

Why did he run?
Federal fraud charges don’t come with a fine and a slap on the wrist. If convicted, offenders do serious time. Each count of wire fraud can result in a maximum 20-year prison sentence and each embezzlement count comes with a 10-year maximum. McGrath collected 4 of the former and 2 of the latter, which could have landed him in the big house for 100 years!

Little Stories

Business

*Johnson & Johnson will pay 8.9 billion in settlements over the next 25 years for claims that the company’s baby powder and other talc-based products cause cancer. The company stopped selling baby powder this year, but insists that there isn’t scientific merit behind the cancer allegations.

**If you own a 2018-2021 VW Atlas, don’t let anyone ride in the front passenger seat, the airbags may be faulty. 143,000 vehicle owners are having their SUVs recalled for the fix. The recall also includes the 2020 Atlas Cross Sport.

World

*An Avalanche killed seven and injured 20 tourists in India near the Himalayan pass to Tibet on Tuesday. Local police had discouraged travelers from visiting the area due to unpredictable weather conditions. Several avalanches have hit the region in the last two years, killing over 120 people.

**Australia is the latest country to ban Tik Tok on government devices over risks to national security. Many governments are concerned that Chinese-owned parent company ByteDance Inc. will use the app to gather data to advance its political agenda.

Politics

*Wisconsinites will vote for a new Supreme Court justice on Tuesday. The winner will determine if the court maintains its current 4-3 conservative majority or flips to liberal control. The decision will have an impact on future abortions rights in the state and could likely affect the 2024 Presidential election outcome.

**Trump pled not guilty to 34 felony charges in NYC on Tuesday. The specific charges are still not public. He will return to his Florida estate Tuesday evening to give a speech to 500 of his strongest supporters.

One Liners

*Here’s what $74 million buys you in london.

**Just bleach it. How to do it safely at home.

***Police are looking for a stolen tiger in northern Mexico.