Florida’s Attorney General James Uthmeier has opened a major investigation into JPMorgan Chase after disclosures that the bank severed ties with Trump Media and Technology Group (TMTG), the company behind the free speech social media platform Truth Social, and may have shared sensitive data with the Biden administration’s Justice Department as part of the “Arctic Frost” investigation.
In a formal notice, Uthmeier stated that JPMorgan’s conduct “may implicate numerous Florida criminal and civil antifraud laws and de-banking prohibitions,” and directed the bank to preserve all documents and communications related to the matter.
We obtained a copy of the letter for you here.
The Arctic Frost probe was initially presented as a limited inquiry into President Donald Trump’s activities following the 2020 election.
It has since expanded into a wide-reaching operation involving numerous Republican lawmakers, conservative groups, and individuals.
Reports indicate that federal agents issued secret subpoenas to financial institutions and technology companies, demanding extensive amounts of private and financial information.
JPMorgan’s involvement came to light when Devin Nunes, CEO of Truth Social and Chair of the President’s Intelligence Advisory Board, appeared on Sunday Morning Futures with Maria Bartiromo on November 9. During the interview, Nunes revealed that JPMorgan had “inexplicably debanked” TMTG as the company was preparing to go public in early 2024.
He suggested that the timing was connected to the Justice Department’s broad subpoena requests and criticized both the bank and federal officials for what he described as politically motivated actions that may have violated the law.
More: JPMorgan Chase is Warned to Back off Political and Ideological Censorship
According to records made public by the Senate Judiciary Committee on October 30, 2025, the Justice Department demanded “any and all records” from JPMorgan concerning TMTG accounts between September 2020 and October 2021.
The subpoena covered an extensive range of material, including Know Your Customer (KYC) data, transaction histories, credit card and loan information, correspondence, IP addresses, cookie data, phone numbers, and email addresses.
Nunes noted that TMTG did not exist during the period under scrutiny and argued that the company was unjustly swept into Arctic Frost.
He said TMTG would “do everything under the law, Florida law and federal law, to figure out” what JPMorgan knew and whether the bank coordinated with the Biden administration.
He further remarked, “I think it’s pretty clear they were trying to maximize damage on behalf of someone.” Nunes also condemned the scope of Arctic Frost, saying it captured “hundreds of Americans” in what he described as a “dragnet.”
The case has reignited concern about the practice of debanking, where major financial institutions appear to restrict or terminate access to services based on political or ideological leanings.
