Florida Attorney General Opens Probe of JPMorgan Chase Over Alleged JPMorgan Trump Media De-banking
Florida Attorney General James Uthmeier launched an investigation into JPMorgan Chase on Nov. 10, 2025, alleging political targeting and the improper de-banking of Trump Media & Technology Group amid questions about potential coordination with federal authorities.
- Investigation launched Nov. 10, 2025: AG James Uthmeier opened an inquiry into JPMorgan Chase over claims it closed accounts for Trump Media & Technology Group; see reporting from CBS12.
- Subpoena and timing concerns: Uthmeier cited a March 28, 2023 Justice Department subpoena and account closures in March 2024 as raising political-targeting questions (The Capitolist).
- Bank response: JPMorgan says it “follows the law” when responding to subpoenas and denies de-banking customers for political reasons (Fox Business).
- Enforcement actions: Uthmeier has ordered preservation of records and assigned statewide prosecutors to review potential violations of Florida’s de-banking protections (CBS12).
The core allegations
What Uthmeier says: The attorney general alleges JPMorgan Chase requested unusually broad records from Trump Media & Technology Group (TMTG) and then shut off banking services at a critical moment shortly before the company’s public offering in 2024. He described the timing as
“a crucial time for any company, a time where you cannot afford to lose your bank.”
Uthmeier also alleges coordination between JPMorgan and federal prosecutors — naming Special Counsel Jack Smith and invoking a claimed operation referred to as “Operation Arctic Frost”. The AG notes a Justice Department subpoena dated March 28, 2023 that sought files related to Trump Media, including material that covered periods before the company existed, followed by bank questioning and account closures in March 2024 after a merger (The Capitolist; Daily Wire).
Timeline and evidence cited by the attorney general
Uthmeier’s letter to JPMorgan CEO Jamie Dimon outlines a chronology beginning with the March 2023 DOJ subpoena, followed by bank inquiries into past transactions, and culminating in account closures in March 2024 when Trump Media merged and listed under the ticker “DJT.” The AG contends the scope of records sought and the bank’s questioning of company officials do not resemble ordinary commercial due diligence and instead suggest political motivation (The Capitolist; CBS12).
Claims about deposits and banking access
President Donald Trump has publicly stated that banks, including JPMorgan Chase, refused to accept more than $1 billion in deposits from Trump Media and forced the company to distribute funds across smaller institutions. That assertion has been cited in reporting on the probe (Fox Business).
Alleged improper conduct and legal concerns
Uthmeier’s concerns include claims that JPMorgan solicited information from TMTG unrelated to standard banking functions and may have shared sensitive customer banking data with the Department of Justice without probable cause. The AG labeled some inquiries as “pretextual and unrelated to their stated purpose” and said the conduct could violate Florida criminal and civil statutes that bar wrongful de-banking and fraud (CBS12; Fox Business).
Uthmeier ordered JPMorgan to preserve all records and directed the Florida Office of Statewide Prosecution and Enforcement to begin an enforcement review. His office said it will contact the bank again soon and continue evidence collection (Fox Business).
JPMorgan Chase’s public stance
JPMorgan has issued a limited public response, with a spokesperson declining to directly address the AG’s letter while stating the bank “follows the law in responding to subpoenas from the government.” The bank also has publicly asserted it does not de-bank customers based on political beliefs and warned about policies that can cause people to lose access to banking services (Fox Business).
What the investigation will look at next
Investigators will review JPMorgan’s records, subpoenas, and communications with federal authorities. The AG has demanded preservation of documents and assigned statewide prosecutors to collect evidence and interview witnesses. The office has not yet said whether it will seek civil penalties, criminal charges, or both. Commentary from pro-Trump outlets suggests the evidence may be “damning,” though official filings and public documents are limited at this stage (Fox Business).
Florida’s de-banking protections
Florida has enacted laws intended to prevent banks from closing accounts for political reasons and to provide legal remedies for consumers and businesses that are wrongfully de-banked. Uthmeier cited these statutes as part of his legal authority and said his office will enforce them if wrongdoing is found (CBS12).
Implications for San Luis Obispo, California
Economic impact
- Local businesses and nonprofits that bank with large national institutions may monitor the probe for changes in account-closure policies and monitoring that could affect access to banking services.
- If banks adopt stricter compliance to avoid litigation, businesses may experience more paperwork or delays for large transactions, potentially slowing loans or payroll processing for local companies.
Political consequences
- The probe could surface in local political discussion about federal power, corporate responsibility, and state enforcement; San Luis Obispo residents may seek evidence-based findings over partisan claims.
- Local officials might push for clearer guidance or stronger protections for banks serving California customers if litigation elsewhere creates new legal standards.
Social effects
- Community groups that rely on crowdfunding and online platforms may scrutinize how payment systems treat politically sensitive accounts and demand assurances against wrongful closures.
- Individuals concerned about financial privacy could press local banks for transparency on data-sharing and responses to government subpoenas.
Cultural relevance
San Luis Obispo’s mix of tech-savvy residents and small-business owners may spark local debates about free speech, business rights, and the role of banks in public life — an issue that can cut across political lines and prompt community forums or local coverage.
Practical applications for residents
- Businesses and nonprofits: review bank agreements and maintain clear documentation for large deposits and transactions.
- Consumers: contact banks about policies and consult state resources if concerned about wrongful account closures.
- Advisors: financial planners and accountants may recommend diversifying banking relationships, especially for politically sensitive funds.
Reporting and sources
This article is based on the Florida attorney general’s announcement and reporting by local and national outlets. Primary reports and documents cited include:
- CBS12
- The Capitolist
- Fox Business
- Daily Wire
- Video statements and additional coverage: video statements
Journalists will continue to monitor filings and public records as the investigation proceeds. For follow-up, readers can reference the primary sources above and official notices from the Florida Attorney General’s office.
