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Charlie Javice Sentenced To 7 Years In Prison For Fraudulent Sale of Her Startup To JPMorgan

3 weeks 3 days ago
Charlie Javice, founder of college financial-aid startup Frank, was sentenced to over seven years in prison for defrauding JPMorgan by inflating user numbers before the bank's $175 million acquisition. CNN reports: Javice, 33, was convicted in March of duping the banking giant when it bought her company, called Frank, in the summer of 2021. She made false records that made it seem like Frank had over 4 million customers when it had fewer than 300,000. Addressing the court before she was sentenced, Javice, who was in her mid-20s when she founded the company, said she was "haunted that my failure has transformed something meaningful into something infamous." Sometimes speaking through tears, she said she "made a choice that I will spend my entire life regretting." Judge Alvin K. Hellerstein largely dismissed arguments by Javice's lawyer, Ronald Sullivan, that he should be lenient because the negotiations that led to Frank's sale pitted "a 28-year-old versus 300 investment bankers from the largest bank in the world." Still, the judge criticized the bank, saying "they have a lot to blame themselves" for after failing to do adequate due diligence. He quickly added, though, that he was "punishing her conduct and not JPMorgan's stupidity." Javice was among a number of young tech executives who vaulted to fame with supposedly disruptive or transformative companies, only to see them collapse amid questions about whether they had engaged in puffery and fraud while dealing with investors.

Read more of this story at Slashdot.

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Spotify's Founder and CEO Daniel Ek Is Stepping Down

3 weeks 3 days ago
Spotify founder Daniel Ek will step down as CEO by year's end, transitioning to executive chairman after nearly two decades at the helm. In his place will be Gustav Soderstrom and Alex Norstrom as co-CEOs. TechCrunch reports: "Over the last few years, I've turned over a large part of the day-to-day management and strategic direction of Spotify to Alex and Gustav -- who have shaped the company from our earliest days and are now more than ready to guide our next phase," Ek said in a statement. "This change simply matches titles to how we already operate. In my role as Executive Chairman, I will focus on the long arc of the company and keep the Board and our co-CEOs deeply connected through my engagement." In a post on X, Ek also mentioned that Spotify has been profitable for over a year. Ek has served as Spotify's CEO since he founded it in 2006, so this is a big change in leadership for the streaming giant.

Read more of this story at Slashdot.

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Amazon Launches Vegas OS, Its Android Replacement For Fire TV With No Sideloading

3 weeks 3 days ago
Amazon is replacing Android on new Fire TV hardware with its own Vega OS, debuting on the Fire TV Stick 4K Select. While major streaming apps are supported, sideloading is gone "because, well, this isn't Android anymore," notes 9to5Google. The company says "only apps from the Amazon Appstore are available for download." From the report: The company hasn't fully detailed all of the ins and outs of Vega, but Amazon hints that this is a move in the interest of performance. In a post, Amazon touches on Vega being "remarkably fast" despite the low-end hardware of its new Fire TV Stick 4K Select: "Our newest Fire TV Stick, the 4K Select, helps you maximize every pixel of your 4K TVs at an incredible value. It delivers vibrant 4K picture quality with HDR10+ support and apps that launch remarkably fast. The performance comes from our new operating system, Vega, which is responsive and highly efficient. Everything you need is right in the box -- it works with your favorite streaming services, and will soon support Xbox Gaming, Luna, and Alexa+." As pointed out by AFTVNews, the Fire TV 4K Select offers a mere 1GB of RAM, which is half as much as prior generations. So, in a way, that does speak to how lightweight this new platform is. But the bigger question is around apps. Amazon says that "your favorite streaming services" still work with Vega, and that Xbox, Luna, and Alexa+ will be coming "soon" (though they're already supported on existing Android-based Fire TV devices).

Read more of this story at Slashdot.

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Cyborg dreams move closer to reality with low-power artificial neuron

3 weeks 3 days ago
UMass Amherst research promises better bioelectronic communication

Scientists affiliated with the University of Massachusetts Amherst have developed an artificial neuron that can communicate efficiently with biological neurons, a research advance expected to accelerate the development of bioelectronic devices and interfaces.…

Thomas Claburn

Zed's dead, baby. Zed's dead? No, wait – it's on Windows

3 weeks 3 days ago
Rust-coded editor beta arrives with general availability promised in October

Zed Industries has released a public beta of its code editor for Windows, marking a significant milestone for the Rust-based VS Code alternative that has until now been limited to macOS and Linux users.…

Tim Anderson