❓WHAT HAPPENED: The Biden Department of Justice (DOJ) subpoenaed JPMorgan Chase (JPMC) for “any and all records of TMTG,” as part of an operation codenamed ‘Arctic Frost,’ prompting an investigation by Florida Attorney General James Uthmeier (R).
👤WHO WAS INVOLVED: Florida Attorney General James Uthmeier, JPMorgan Chase, Trump Media & Technology Group (TMTG), and the Biden DOJ.
📍WHEN & WHERE: The investigation stems from events surrounding a TMTG merger in March 2024; the subpoena activity was recently revealed in Florida.
💬KEY QUOTE: “The timing of this activity and JPMC’s termination of its business relationships with TMTG raise obvious, troubling questions.” – James Uthmeier
🎯IMPACT: Florida’s attorney general has launched an investigation into potential violations of state laws, including anti-fraud and de-banking prohibitions.
Florida Attorney General James Uthmeier (R) is investigating JPMorgan Chase (JPMC) over its involvement with the former Biden government’s ‘Arctic Frost‘ scandal. This investigation follows revelations that the former Biden Department of Justice (DOJ) subpoenaed JPMC for “any and all records of TMTG,” [Trump Media & Technology Group] including records predating the company’s formation.
In a letter to JPMC, Uthmeier expressed “grave concerns” about the Biden government’s actions, which he described as targeting political adversaries. He highlighted that JPMC began questioning TMTG officials about past transactions shortly after the Biden DOJ’s subpoena, under the guise of “due diligence.” The letter also noted that JPMC subsequently terminated its banking relationship with TMTG immediately after the company closed a merger in March 2024.
Uthmeier remarked, “The timing of this activity and JPMC’s termination of its business relationships with TMTG raise obvious, troubling questions. 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 Florida attorney general has directed the Office of Statewide Prosecution and Enforcement Division to investigate the matter further. JPMC has been asked to preserve all records related to its interactions with TMTG. JPMC recently informed shareholders it is “responding to requests from government authorities and other external parties” about its policies and customer services, which appears to reference debanking concerns.
JPMC has previously supported an executive order signed by President Donald J. Trump, which called for regulators to investigate politicized or unlawful debanking practices by financial institutions.
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