Florida probes JPMorganChase over Trump company de-banking scandal

Florida Attorney General James Othmeier announced Monday that his office has launched a probe into New York-based JPMorgan Chase, following reports of an FBI probe under Biden that allegedly targeted entities linked to Republicans.

President Donald Trump told CNBC in August that JPMorgan Chase and other banks refused to accept more than $1 billion in deposits from Trump Media and Technology Group (TMTG), forcing him to spread his money “all over the place” among smaller financial institutions.

Othmeier alleged that JPMorgan Chase coordinated with then-Special Counsel Jack Smith during the Justice Department’s Operation Polar Frost, which led the financial giant to “break up” TMTG at a crucial point in its formative period.

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In a letter to JPMorgan Chase CEO Jamie Dimon, obtained by Fox News Digital, Othmeyer expressed “grave concerns” about “explosive revelations” that the Biden administration targeted political opponents and that the bank may have played a role.

Led by former Rep. Devin Nunes, R-Calif., TMTG went public in 2024 under the stock ticker “DJT” — the president’s initials — but faced significant headwinds when JPMorgan Chase suddenly delisted it.

“In addition to spying on Republican senators, the Biden administration has requested sensitive banking information from numerous individuals, organizations and business entities in Florida including [TMTG]“,” Othmeyer wrote.

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TMTG is incorporated in Sarasota, giving Othmeyer legal jurisdiction.

“We understand that TMTG established a banking relationship with JPMC in Florida, shortly after its founding. On March 28, 2023, the Biden Department of Justice subpoenaed JPMC for.”[a]New York and all records “of TMTG, including records covering a time period before TMTG existed,” he wrote.

After Biden’s “fishing expedition” began focusing on TMTG, JPMorgan Chase began questioning the company’s leadership over its transactions prior to its relationship with them, Othmeyer said.

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Jamie Dimon, left; Donald Trump, right. (Andrew Harrier/Getty Images/Getty Images)

“These investigations appear to be a pretext and have nothing to do with their stated purpose,” Othmeier claimed.

“Immediately after TMTG closed the merger in March 2024, JPMC informed TMTG that it would close its bank accounts,” he said, calling the timing highly questionable.

“This activity may involve numerous Florida criminal and civil anti-fraud and anti-banking statutes, as well as a violation of the basic duties owed to your banking customers,” the letter continued.

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Othmeier said he has directed the Florida Office of Statewide Prosecution and Enforcement to begin investigating the situation.

He ordered Damon to preserve all records and documents relevant to the TMTG matter and told him that his office would contact him again soon.

A source familiar with the investigation told Fox News Digital that the evidence in the case is “damned.”

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“The District Attorney’s Office will prosecute any wrongdoing to the fullest,” the source said, foreshadowing the high possibility of actual legal recourse against Chase.

A JPMorgan Chase spokesman declined to comment on Othmeier’s letter or the ensuing investigation, but said the bank “follows the law in responding to subpoenas from the government and will continue to do so.”

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Regarding banking in general – a term that has become more popular among political pundits in recent years – the spokeswoman said JPMorgan Chase does not discriminate on the basis of political convictions, and that it is “horrific that people are losing their bank accounts because of failed policies that encouraged banks to be overly cautious.”

“This is not fair, it should not happen, and it is great that this administration is finally making the needed regulatory change we have been calling for for years.”