Erik McGregor/LightRocket via Getty Images (NEW YORK) -- When JPMorgan Chase announced two years ago that it would purchase Frank, a startup college financial planning company for students, the global banking giant said that by acquiring the apparently popular platform for $175 million it hoped to strengthen its relationship with millions of young people. But JPMorgan and federal authorities now believe there was a big problem: Many of the millions of students said to be using Frank never existed.

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