While retailers are eager to capitalize on Presidents Day sales, the U.S. stock market remained closed yesterday in observance of the federal holiday. Investors head into the shortened trading week with optimism, following gains across all three major indices last week. However, Novo Nordisk struggled, marking its worst performance of 2025 after a Super Bowl advertisement from Hims & Hers reminded consumers and investors alike that alternative weight-loss medications exist.

Former CEO Faces Fraud Trial Over JPMorgan Acquisition

Legal Proceedings Begin in High-Profile Case

The criminal trial of Charlie Javice, the former CEO of Frank, commences today in New York, marking another high-profile legal battle involving a young tech entrepreneur accused of overextending the “fake it ‘til you make it” ethos.

Javice faces four counts of fraud for allegedly inflating Frank’s customer database when she sold the college financial planning platform to JPMorgan in 2021 for $175 million. The deal personally netted Javice $21 million, with additional payments pending—until JPMorgan later claimed the company’s valuation was misrepresented.

Prosecutors’ Case Against Javice

Authorities allege Javice hired a data scientist to fabricate customer figures, making it appear as though Frank had 4.25 million users, when in reality, it had closer to 300,000.

JPMorgan claims that once it acquired the platform, it attempted to contact 400,000 supposed users, only to discover that just 28% of emails were delivered, with an abysmal 1.1% open rate.

Javice’s former business partner, Olivier Amar, who served as Frank’s Chief Growth Officer, is expected to testify that she deliberately concealed information and misled him about the company’s actual reach.

Defense Strategy

Javice’s legal team argues this case is corporate buyer’s remorse, contending that JPMorgan should have conducted more thorough due diligence before finalizing the acquisition.

A spokesperson for the defense told the Financial Times that publicly available articles confirm Javice repeatedly described Frank’s user base as being in the “several hundred thousand” range.

Legal experts suggest the case hinges on whether JPMorgan was genuinely deceived or simply misinterpreted data. The defense has also hinted at unexpected evidence that could shift the case’s trajectory, while alleging JPMorgan pressured federal authorities to pursue criminal charges.

Broader Implications

If convicted, Javice could join a growing list of Forbes “30 Under 30” alumni who have faced legal troubles, including Martin Shkreli, Sam Bankman-Fried, Caroline Ellison, and Elizabeth Holmes. Javice faces a potential 30-year sentence for three of the charges and 20 years for the fourth, in what could serve as another cautionary tale of high-flying startup founders facing legal reckoning.

Global Developments

U.S.-Russia Talks on Ukraine Underway in Saudi Arabia

Secretary of State Marco Rubio and senior U.S. officials are meeting with their Russian counterparts in Riyadh today to explore diplomatic solutions to end the war in Ukraine. However, concerns are mounting among Western allies over what these closed-door discussions could yield.

Ukrainian President Volodymyr Zelensky has already stated that his country will not accept a negotiated peace agreement that excludes Ukrainian leadership. European officials, feeling sidelined, convened emergency talks in Paris yesterday to strategize on maintaining regional security amid shifting geopolitical dynamics.

Delta Jet Overturns Upon Landing in Toronto

Passengers on a Delta Air Lines flight from Minneapolis experienced a terrifying landing at Toronto Pearson International Airport yesterday, as the aircraft skidded off the runway and flipped upside down in heavy snowfall.

All 80 passengers and crew were evacuated, though at least 15 people sustained non-life-threatening injuries. Investigators are working to determine the cause of the accident, with preliminary reports indicating poor visibility and icy conditions may have played a role.

Trump Requests Supreme Court Ruling on Dismissal Powers

President Donald Trump has petitioned the U.S. Supreme Court to grant him expanded authority to remove independent agency heads, as part of broader efforts to restructure federal oversight.

At the center of the dispute is Hampton Dellinger, head of the Office of Special Counsel, who was reinstated by a lower court after challenging his dismissal. This case marks Trump’s first appeal to the Supreme Court regarding executive authority in his second term, though additional cases are expected as his administration moves to consolidate power across key federal institutions.

DOGE Seeks Access to IRS Taxpayer Data

Musk’s Federal Watchdog Expands Oversight

As Americans gather financial documents ahead of Tax Day, Elon Musk’s DOGE initiative is seeking unprecedented access to IRS databases, raising privacy concerns.

What Is DOGE Requesting?

DOGE has formally requested access to The Integrated Data Retrieval System (IDRS)—the IRS’s primary repository for taxpayer information, financial records, and collection actions. This system:

• Provides instant access to taxpayer accounts, including social security numbers and banking details.
• Enables agents to retrieve tax returns, track payments, and automatically generate collection notices.
• Is highly restricted, with even IRS employees facing strict limitations on usage.

IRS officials have expressed serious concerns over DOGE’s request, citing potential risks related to unauthorized access and data security.

White House Position

A White House spokesperson defended the request, stating that DOGE needs direct access to IRS systems to identify and mitigate fraud, waste, and abuse.

However, Democratic lawmakers have raised alarms over the expansion of DOGE’s influence across government agencies. A federal judge recently halted DOGE’s access to Treasury payment systems, while another ruling is expected shortly regarding restrictions on DOGE’s access to additional federal databases.

Other Notable Developments

• Severe storms have claimed at least 11 lives in Kentucky, with heavy flooding impacting multiple states across the Eastern U.S.
• Intel restructuring talks: Reports indicate that TSMC and Broadcom are considering acquisitions that could lead to a breakup of Intel into multiple companies.
• FAA terminations: Hundreds of Federal Aviation Administration employees were dismissed over the weekend as part of the Trump administration’s wider federal workforce reductions.
• Israeli military presence in Lebanon: Israel has confirmed its troops will remain in five locations in Lebanon, despite an agreed withdrawal deadline.
• New York City government shake-up: Four of Mayor Eric Adams’ senior aides have resigned as controversy surrounding the DOJ’s dropped corruption case against him continues.
• Pope Francis remains hospitalized: The pontiff’s stay has been extended after he was admitted for complications related to bronchitis.