Florida Attorney General James Uthmeier announced Monday that his office has launched a probe into New York-based JPMorgan Chase following reports of a Biden-era FBI investigation that allegedly targeted Republican-linked entities.
President Donald Trump told CNBC in August that JPMorgan Chase and other banks refused to accept more than $1 billion in deposits from Trump Media & Technology Group (TMTG), forcing him to spread his funds “all over the place” among smaller financial institutions.
Uthmeier alleged JPMorgan Chase coordinated with then-Special Counsel Jack Smith during the Justice Department’s “Arctic Frost” operation, which led the financial behemoth to “de-bank” TMTG at a crucial point in its formative period.
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In a letter to JPMorgan Chase CEO Jamie Dimon obtained by Fox News Digital, Uthmeier expressed “grave concerns” over “explosive revelations” that the Biden administration targeted political opponents and that the bank may have played a role.
Led by former Rep. Devin Nunes, R-Calif., TMTG went public in 2024 under the stock ticker “DJT” – the president’s initials – but encountered major headwinds when JPMorgan Chase suddenly de-banked it.
“In addition to spying on Republican senators, the Biden administration subpoenaed sensitive banking information from several Florida individuals, organizations, and business entities including [TMTG],” Uthmeier wrote.
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TMTG is incorporated in Sarasota, giving Uthmeier legal jurisdiction.
“It is our understanding that TMTG established a banking relationship with JPMC in Florida, shortly after incorporating. On March 28, 2023, Biden’s Justice Department subpoenaed JPMC for “[a]ny and all records” of TMTG, including records covering a time period before TMTG existed,” he wrote.
After Biden’s “fishing expedition” began focusing on TMTG, Uthmeier said, JPMorgan Chase began questioning the company’s leadership about its transactions prior to its relationship with them.
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“These inquiries, however, appear to be pretextual and unrelated to their stated purpose,” Uthmeier alleged.
“Immediately after TMTG closed a merger in March 2024, JPMC notified TMTG that it was closing its bank accounts,” he said, characterizing the timing as very suspect.
“This activity may implicate numerous Florida criminal and civil anti-fraud laws and de-banking prohibitions, as well as a breach of the basic, fundamental duties owed to your banking customers,” the letter went on.
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Uthmeier said he has directed the Florida Office of Statewide Prosecution and Enforcement to begin investigating the situation.
He ordered Dimon to preserve all records and documents relevant to the TMTG matter and told him his office would contact him again soon.
A source familiar with the investigation told Fox News Digital the evidence in the case is “damning.”
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“The attorney general’s office is going to prosecute any wrongdoing to the fullest,” the source said, foreshadowing a high likelihood of actual legal recourse against Chase.
A spokesperson for JPMorgan Chase declined comment on Uthmeier’s letter or ensuing probe, but said that the bank “follows the law in responding to subpoenas from the government and will continue to do so.”
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In terms of debanking in general – a term that has increased in ubiquity among political critics in recent years, the spokeswoman said JPMorgan Chase does not discriminate based on political persuasions and that it is “terrible that people can lose their bank accounts because of broken policies that encouraged banks to be overly cautious.”
“It’s not fair, and it shouldn’t happen, and it’s great that this administration is finally bringing needed regulatory change we’ve been requesting for years.”
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