Attorney General James Uthmeier on Monday launched an investigation into JPMorgan Chase over allegations that the bank cooperated with a politically motivated federal probe targeting Trump Media & Technology Group Corp. (TMTG) and other Florida entities.
In a letter addressed JPMorgan Chairman and CEO Jamie Dimon, Uthmeier cited “explosive revelations” regarding what he described as the Biden Administration’s “pursuit of its political adversaries” through a Justice Department operation reportedly known as “Arctic Frost.”
The attorney general said the operation involved the subpoena of sensitive financial data from Republican political figures and Florida-based organizations, including Trump Media, which operates Truth Social.
According to Uthmeier, the Justice Department subpoenaed JPMorgan on March 28, 2023, for “any and all records” of TMTG, including records covering a period before the company was incorporated. He said that soon after the subpoena was issued, JPMorgan began questioning TMTG officials about past transactions and later closed the company’s accounts in March 2024 following its merger.
Uthmeier said the inquiries appeared to be “pretextual and unrelated to their stated purpose” of due diligence, describing them instead as politically charged actions. “The timing of this activity and JPMC’s termination of its business relationships with TMTG raise obvious, troubling questions,” he wrote.
The attorney general warned that the conduct could implicate state anti-fraud and de-banking laws, along with violations of the “basic, fundamental duties owed to banking customers.”
He directed the Office of Statewide Prosecution and Enforcement Division to open an investigation into what he called “secret and suspicious circumstances.”
Uthmeier requested that JPMorgan immediately institute a litigation hold to preserve all documents and records related to the matter. He said the Attorney General’s Office will be in contact with the bank as it reviews potential violations of Florida criminal and civil statutes.
“The activity may implicate numerous Florida criminal and civil anti-fraud laws,” Uthmeier wrote. “Rest assured, this office will be investigating to ascertain the nature of these secret and suspicious circumstances.”