Florida AG probes JPMorgan Chase over alleged de-banking of Trump Media

Florida Attorney General James Uthmeier has initiated an official investigation into JPMorgan Chase over allegations that the bank “de-banked” Trump Media & Technology Group (TMTG) right before the company went public in 2024. The probe was launched due to concerns about possible political motivations behind JPMorgan’s actions, especially given claims that the bank coordinated with Special Counsel Jack Smith and the Biden Department of Justice as part of an operation referred to as “Arctic Frost”.​

Uthmeier stated that this loss of banking services came at a crucial moment for Trump Media, which operates Truth Social and is based in Florida, potentially causing significant financial harm. The letter sent to JPMorgan cited “grave concerns” over these revelations and requested an explanation for why the bank solicited extensive information from Trump Media and possibly shared sensitive banking data with federal authorities.​

JPMorgan, through a spokesperson, responded that it complies with subpoenas and follows the law, emphasizing that wrongfully denying banking access based on politics is inappropriate. The investigation is ongoing, and Florida officials have indicated they will enforce consumer protections against wrongful de-banking.