President Donald Trump and his adult sons have spoken publicly about the prior efforts of large financial institutions, such as JPMorgan Chase, to "debank" them and their businesses, likely under intense political pressure from Democratic politicians, government bureaucrats, and leftist activists.

Republican Florida Attorney General James Uthmeier announced on Monday that he'd launched an investigation into JPMorgan's alleged efforts to cooperate with a politically motivated federal probe of the Trump Media and Technology Group, the parent company of Truth Social, according to Just the News.

The bank is alleged to have secretly handed over Trump Media bank records subpoenaed by former Special Counsel Jack Smith as part of the broader anti-Trump "Arctic Frost" investigation -- a move that appears to coincide with the bank's inexplicable decision to drop Trump Media as an account holder right around the time the company was finalizing a $250 million merger.

Why were Trump Media's bank records turned over?

"We launched an investigation into JP Morgan Chase," Florida AG Uthmeier wrote in an X post. "While coordinating with Jack Smith in the Biden DOJ’s Operation Arctic Frost, JP Morgan de-banked the Florida-based Trump Media Group, harming the company just before it went public."

The Daily Wire exclusively obtained a copy of the letter Uthmeier sent to JPMorgan, in which the attorney general expressed "grave concerns about the explosive revelations regarding the Biden Administration’s pursuit of its political adversaries, and [JPMorgan Chase’s] ensuing actions in the shadow of this operation, codenamed 'Arctic Frost.'"

"In addition to spying on Republican Senators," he continued of the Biden DOJ's partisan probe, "the Biden Administration subpoenaed sensitive banking information from several Florida individuals, organizations, and business entities, including Trump Media & Technology Group Corp. (TMTG), a Florida corporation."

Uthmeier linked what allegedly occurred to ex-Special Counsel Smith's "malicious prosecutions" of President Trump and others, and noted pointedly that the bank was "asking many questions of Trump Media, its client, questions seemingly unrelated to its business."

Bank's actions were "wrong" and may have violated state laws

According to the Daily Wire, Florida AG Uthmeier noted in the letter that JPMorgan's actions and inquiries against Trump Media, which he said "appear to be pretextual and unrelated to their stated purpose," transpired right around the time that the "Biden DOJ’s fishing expedition began," all of which raises some "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 top state prosecutor stated. "Rest assured, this office will be investigating to ascertain the nature of these secret and suspicious circumstances. I have directed my Office of Statewide Prosecution and Enforcement Division to begin investigating this matter immediately."

In a statement to the Daily Wire, Uthmeier said, "We think it’s wrong that companies were just coughing things up to the Department of Justice when there was not real probable cause, and we think it’s wrong that companies are debanked, especially at such important times."

"So we’re going to investigate further," he continued. "We protect Florida-based companies like Trump Media Group. We protect our consumers, and where there’s discriminatory banking practices taking place, especially those with intent to harm, we will fight back and hold wrongdoers accountable."

It was also noted that former Special Counsel Smith's subpoena of Trump Media was focused on the time around the Jan. 6 Capitol riot of 2021, which occurred more than a year before the company launched Truth Social, and Uthmeier added, "Any notion that this company was somehow involved in whatever criminal activity that the Department of Justice alleged, wrongfully alleged, surrounded the J6 events. Clearly, Truth Social would not have been a part of that. It shows the full scope of the weaponization and the efforts to go after anybody related to Trump or the conservative cause."

Devin Nunes cried foul

Just the News reported separately that former Republican Congressman Devin Nunes, now the CEO of Trump Media, raised the issue during a Sunday appearance on Fox News, and said of the bank records seizure, "We just became a public company in 2024, and we were nowhere around in 2021 on January 6th. So why would Trump Media be subpoenaed at that time during this investigation? It doesn't make any sense."

"JPMorgan, should they have complied with this knowing that we weren't around? They had to know that our company wasn't around on January 6th. We were never notified. Trump Media company wasn't notified," he continued. "We need to know why that happened. After discussing this with them for several months, going back and forth, it looked political at the time, but now we know that they were under subpoenas that they didn't tell us about, as they were cooperating with the Biden Department of Justice."

"We just got approval by the SEC. Why would you debank somebody that wants to deposit $250 million into your bank, supposedly one of the largest banks in the world with high integrity?" Nunes added. "These are questions that will be answered, and we will make sure, as a company, that they are answered."