As previously reported, in mid-July, I, along with my CEO and CFO — both of whom have been with me for nearly 20 years — received identical letters informing us that Chase Bank was closing our accounts, as well as the accounts of their spouses and children.

Irrational Excuses

In the original letters, the only reason we were given was that there was "unexpected activity" on an unspecified account. Later, a representative told reporters that account closures are typically only done for anti-money laundering purposes.1,2

However, no money laundering charges have ever leveled against me, and in a real money laundering case, they seize your accounts outright. They don't give you a month to take your business elsewhere.

Then, in response to a letter by Florida Chief Financial Officer Jimmy Patronis, in which he questioned the bank's decision to close our accounts, a Chase spokesman replied that the accounts were closed because:3

"… the customer has been the subject of regulatory scrutiny by the Federal government on multiple occasions for engaging in illegal activity relating to the marketing and sale of consumer products and we have a legal obligation to prevent funds derived from these activities from flowing through our bank."