Lawyer Says JPMorganChase Accused Charlie Javice of Fraud After Regulations Changed

A defense attorney for Frank founder Charlie Javice suggested on Thursday that his client never snookered JPMorganChase, but that the bank instead falsely cried fraud in order to recoup their losses on a bad deal.

“They get their money back if it’s fraud,” lawyer Jose Baez said of the bank during his opening statements. “It’s better than insurance.”