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Florida investigates JPMorgan: Shadow banking in focus!
Florida's Attorney General is investigating JPMorgan Chase for alleged de-banking operations that targeted TMTG.
Florida investigates JPMorgan: Shadow banking in focus!
On November 16, 2025, Florida Attorney General James Uthmeier opened an investigation into JPMorgan Chase. This investigation concerns alleged de-banking operations linked to political opponents of the Biden administration. Uthmeier alleges that JPMorgan was involved in the de-banking activities of Trump Media & Technology Group (TMTG) before the company went public.
Uthmeier's statement states that JPMorgan has requested extensive information from TMTG that is unrelated to the company's business practices. It is also alleged that JPMorgan passed on sensitive banking information to the Department of Justice (DOJ) without sufficient cause. Uthmeier argues that there has been a coordinated effort by the Biden administration to monitor TMTG.
Investigations and allegations
JPMorgan had already established a banking relationship with the company after TMTG was founded. A significant date in this context was March 28, 2023, when the DOJ requested JPMorgan to produce documents related to TMTG. These records even included documents that existed before the founding of TMTG.
Following the DOJ's inquiries, JPMorgan began questioning TMTG officials about past transactions. JPMorgan called this “due diligence,” but Uthmeier argues that these requests were pretextual and inconsistent with their stated goal. Of particular concern is the fact that JPMorgan notified TMTG of the closure of its bank accounts following the company's merger in March 2024.
Political context
Uthmeier also noted the connection to Operation Arctic Frost in a letter detailing the allegations against JPMorgan. This operation, which involved a member of the DOJ, Jack Smith, is investigating the 2020 election's "Fake Electors" scheme. Uthmeier notes a coordinated effort between the Biden administration and the DOJ to justify potentially politically motivated actions against TMTG.
The serious allegations and the nature of the measures taken raise questions about integrity and possible political motives. It remains to be seen what further findings will emerge from the ongoing investigation and how this situation could affect the companies affected and their financing.
Full information and updates on this case can be found on relevant media platforms, including Daily Hodl.