Posted on 04/08/2023 7:14:04 PM PDT by DoodleBob
Disgraced Frank founder Charlie Javice has joined the likes of Elizabeth Holmes and Sam Bankman-Fried on a growing list of founders to be lavished with honors by the financial news outlet Forbes – only to later face criminal fraud charges.
Forbes has faced relentless mockery on social media – with users pointing out the dubious record of business figures who have earned a spot on one of its “30 Under 30” lists or the cover of its magazine.
“The Forbes 30 Under 30 have collectively raised $5.3B in funding,” tech investor Chris Bakke tweeted on Tuesday. “The Forbes 30 Under 30 have also been arrested for frauds and scams worth over $18.5B. Incredible track record.”
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Javice, 31, joined the ranks after the feds charged her with multiple counts of fraud.
Federal prosecutors noted Javice’s inclusion on the Forbes 2019 “30 Under 30” list in a release announcing her arrest for allegedly using fake data to trick JPMorgan Chase into buying her college aid startup for $175 million. She has denied the allegations.
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Another questionable past honoree on the “30 Under 30” list is the “Pharma Bro” Martin Shkreli, who was named to the list in 2012.
Shkreli became infamous in 2015 after jacking up the price of a single pill of the prescription medication Daraprim from $13.50 to $750 while serving as CEO of Turing Pharmaceuticals.
He was later sentenced to 7 years in prison after being convicted for defrauding investors at 2 hedge funds he previously led. He also received a lifetime ban from working in the pharmaceutical industry.
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Earlier this year, the outlet was pilloried online after social media users discovered that it had named Silicon Valley Bank as one of “America’s Best Banks” – just days before its collapse.
(Excerpt) Read more at nypost.com ...
Blue Cross Blue Shield here was bought out by Anthem some time ago. Before that they had a great business reporter that use to cover BC/BS. This guy understood the health care business.
Then they took him off the beat, and put in some J-School bimbo. The information in the reporting when the crap, and a year later Anthem maneuvered into to buy BC/BS. The state got 43 million out of the deal that was used to create a community health organization run by a fierce abortion proponent.
I had some prior experience with health care business/financial matters, so I followed the whole thing very carefully. I am convinced that they fuzzed up the reporting so no one would be able to look at the transaction closely, and so the lefties were able to capture a very large pile of money.
Our nation is doomed.
The corruption and willful deceit is endemic.
It is worth remembering that Forbes is now essentially a Chinese propaganda operation.
And when journos actually do some journalism they get pilloried if their findings don’t conform....e.g. Seymour Hersh
Forbes magazine used to be the gold standard, as far is business reporting went for many many years. After Malcolm Forbes died, though it just wasn’t the same and it just seemed to start heading downhill. Then they ended up selling majority interest to some Chinese company and I see Ende Forbes.
If you can’t trust your banker, who can you trust?
Now it’s your investor.
I guess the last person to let you down is your undertaker!
BUY BEAR STEARNS!!!
It’s not that these fraudsters committed fraud that got them busted, it was failure to pay off the right politicians and regulators.
Did they mention that JP Morgan actually hired Charlie Javice to run Frank (her student loan business) from inside JPM?
She was at JPM for more than a year before they even started to investigate potential fraud!
Either Charlie Javice was really smart, or JPM was really dumb!
One other issue...
Forbes magazine is only partially owned by the Forbes family.
Almost 10 years ago, Forbes sold a 51% share to a Hong Kong company with ties to the Chinese Communist Party.
In 2022, Binance, a Chinese owned crypto currency company, was scheduled to make a $200 million investment in Forbes.
A few months later, the USA government began a major investigation into Binance. If the Binance investment ever happened, I have not seen it reported.
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