Florida AG Launches Probe into JPMorgan Over Alleged De-Banking of Trump Group

Florida Attorney General Investigates JPMorgan Chase Over Alleged Trump Media & Technology Group De-Banking

On Monday, Florida Attorney General James Uthmeier announced the initiation of a probe into JPMorgan Chase, a New York-based banking institution. The probe follows reports of an FBI investigation during the Biden administration that allegedly targeted Republican-linked entities.

Alleged Discrimination Against Trump Media and Technology Group

In a 2024 interview with CNBC, then-President Donald Trump alleged that JPMorgan Chase and other banks had refused to accept over $1 billion in deposits from Trump Media & Technology Group (TMTG). This forced Trump to divide his funds among various smaller financial institutions.

Chase’s Role in DOJ’s “Arctic Frost” Investigation

Uthmeier claims that JPMorgan Chase coordinated with former Special Counsel Jack Smith during the Justice Department’s “Arctic Frost” operation. The Justice Department’s investigation reportedly led to the de-banking of TMTG during its critical formative period. The AG expressed “grave concerns” over the explosive revelations that the Biden administration targeted political opponents, with JPMorgan potentially playing a role in this.

Banking Issues for TMTG Highlighted

TMTG, led by former Rep. Devin Nunes, R-Calif., went public under the stock ticker “DJT” – President Trump’s initials. However, it encountered significant headwinds when JPMorgan Chase unexpectedly debanked it.

Uthmeier’s letter to JPMorgan Chase CEO Jamie Dimon outlines his suspicions, stating, “These inquiries, however, appear to be pretextual and unrelated to their stated purpose.” Uthmeier sees the timing of JPMorgan’s decision to close TMTG’s bank accounts, immediately after TMTG completed a merger in March 2024, as highly suspect.

The Implications of De-Banking

The Attorney General suggests that this activity may breach numerous Florida criminal laws and civil anti-fraud laws, as well as de-banking prohibitions. He also mentions potential breaches of basic duties owed to banking customers. Uthmeier has directed the Florida Office of Statewide Prosecution and Enforcement to begin investigating the situation.

An anonymous source familiar with the investigation told Fox News Digital the evidence in the case is “damning”. They added, “The attorney general’s office is going to prosecute any wrongdoing to the fullest.”