JP Morgan Just Told The MF Global Clients' Lawyer To Close His Bank Account

James Koutoulas, a co-founder of the Commodity Customer Coalition—which represents the interests of over 8,000 MF Global customers trying to be made whole in the wake of the brokerage's bankruptcy, has recently spearheaded a movement to boycott JP Morgan and its services.

Koutoulas has repeatedly criticized JP Morgan and its involvement in the MF Global bankruptcy, citing the bank's various conflicts of interests in its dealings with the MF Global estate.

Now, it seems like JP Morgan wants him off their back faster than he can close his accounts. Koutoulas has just publicized a letter JP Morgan Chase sent him, requesting that he move his bank accounts to another financial institutions.

Koutoulas, who runs a commodity trading advisory firm Typhon Capital, used JP Morgan Chase as the bank account for his trading firm and its holding company Khaos Enterprises. He told Business Insider he was already in the process of closing his accounts with JPM when he received the letter today.

"It's pretty clear why," he told Business Insider when asked about why JP Morgan may have sent the request.

Business Insider has reached out to JP Morgan for comment, and will update the post when the company responds.

The letter is signed by Ann Stankiewicz, a vice president within the Executive Office. Here's a copy of the letter: [PDF here]

Dear Mr. Koutoulas:

This is to inform you that JPMorgan Chase Bank, N.A. would like Typhon Capital Management LLC, Khaos Enterprises Inc (the "Companies") and you to move your respective banking relationships to another financial institution.

To ensure an orderly transition, we will maintain the existing deposit accounts and services related to the deposit accounts unti I February 28, 2012. If you and the Companies have not closed these accounts by February 28, 2012, the accounts wi II be automatically closed and all their related services terminated. If there is a positive balance in a deposit account after all outstanding transactions have cleared, we wi II send a check for the balance (less any outstanding fees and service charges) to the above address. Therefore, if you wish to avoid unnecessary disruption to cash flow and business, please act promptly to open accounts with another financial institution and transfer business before February 28, 2012.

Sincerely,