According to people familiar with the situation, the Financial Times reported on Friday that U.S. regulators are closely monitoring JPMorgan Chase & Co for the bank’s due diligence on a number of its previous purchases.

After JPMorgan (NYSE:JPM) acquired hundreds of smaller businesses in 2021 and 2022, the Office of the Comptroller of the Currency (OCC) in the United States planned to conduct a specific audit of the bank’s deal-making, according to the source.

This comes after the American government filed criminal charges against Charlie Javice, the founder of the now-defunct college financial aid company Frank, accusing him of tricking JPMorgan into purchasing the startup for $175 million in 2021.

The Department of Justice had accused Javice, 31, of deceiving the largest U.S. bank on numerous occasions by representing Frank to have secured 4.25 million student clients when she only had information on roughly 300,000.

In December, JPMorgan sued Javice and Olivier Amar, Frank’s chief growth officer, in Delaware federal court.

The OCC audit was scheduled before JPMorgan’s lawsuit, the report said.

Javice filed counterclaims in February, alleging that JPMorgan had illegally withheld $28 million in retention payments and equity and had “compromised her reputation.”

In a conference call with analysts on January 13, Chief Executive Jamie Dimon referred to the bank’s closure of Frank as a “huge mistake.”

JPMorgan declined to comment on the allegation, and the OCC did not immediately reply to Reuters’ request for comment.